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Buying Income Statement December 31, 2023 Revernes: Sales Gain on sale of discontinued operation (pre-tax) Accumulated amortization, equipment Operating profit on discontinued operation (pre-tax) Expenses: Cost of goods sold Selling and administrative expenses Sales returns and allowances Loss on disposal of equipment (pre-tax) Dividends Profit Eamnings per share $900,000 120,000 22,500 318,000 240,000 90,000 7,000 40,000 47,500 1,360,500 424,500 $936,000 $4.68

Buying Income Statement December 31, 2023 Revernes: Sales Gain on sale of discontinued operation (pre-tax) Accumulated amortization, equipment Operating profit on discontinued operation (pre-tax) Expenses: Cost of goods sold Selling and administrative expenses Sales returns and allowances Loss on disposal of equipment (pre-tax) Dividends Profit Eamnings per share $900,000 120,000 22,500 318,000 240,000 90,000 7,000 40,000 47,500 1,360,500 424,500 $936,000 $4.68

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Online Buying Inc. Income Statement December 31, 2023 Reverves: Sales Gain on sale of discontinued operation (pre-tax) Accumulated amortization, equipment Operating profit on discontinued operation (pre-tax) Expenses: Cost of goods sold Selling and administrative expenses Sales returns and allowances Loss on disposal of equipment (pre-tax) Dividends Profit Eamnings per share $900,000 120,000 22,500 318,000 240,000 90,000 7,000 40,000 47,500 1,360,500 424,500 $936,000 $4.68
Transcribed Image Text:Online Buying Inc. Income Statement December 31, 2023 Reverves: Sales Gain on sale of discontinued operation (pre-tax) Accumulated amortization, equipment Operating profit on discontinued operation (pre-tax) Expenses: Cost of goods sold Selling and administrative expenses Sales returns and allowances Loss on disposal of equipment (pre-tax) Dividends Profit Eamnings per share $900,000 120,000 22,500 318,000 240,000 90,000 7,000 40,000 47,500 1,360,500 424,500 $936,000 $4.68
After returning from vacation, theaccountant of Online Buying Inc. was dismayed to discover that the income statement for the year ended December 31, 2023, was prepared incorrectly. All amounts included in the statement are before tax (assione a rate of 40%), The company had 200,000 common shares issued and outstanding throughout the year as well as 70,000 $1.00 cmulative prefered shares. Dividends had not been paid for the past two years (2021 and 2022). Retained earnings at December 31, 2022, were $171,000. Required Please revise the income statement, including eamings per share information.
Transcribed Image Text:After returning from vacation, theaccountant of Online Buying Inc. was dismayed to discover that the income statement for the year ended December 31, 2023, was prepared incorrectly. All amounts included in the statement are before tax (assione a rate of 40%), The company had 200,000 common shares issued and outstanding throughout the year as well as 70,000 $1.00 cmulative prefered shares. Dividends had not been paid for the past two years (2021 and 2022). Retained earnings at December 31, 2022, were $171,000. Required Please revise the income statement, including eamings per share information.
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