solve with working thanks Online Buying Inc.Income StatementDecember 31, 2023Reverves:SalesGain on sale of discontinued operation (pre-tax)Accumulated amortization, equipmentOperating profit on discontinued operation (pre-tax)Expenses:Cost of goods soldSelling and administrative expensesSales returns and allowancesLoss on disposal of equipment (pre-tax)DividendsProfitEamnings per share$900,000120,00022,500318,000240,00090,0007,00040,00047,5001,360,500424,500$936,000$4.68 After returning from vacation, theaccountant of Online Buying Inc. was dismayed todiscover that the income statement for the year ended December 31, 2023, wasprepared incorrectly. All amounts included in the statement are before tax (assionea rate of 40%),The company had 200,000 common shares issued and outstanding throughout theyear as well as 70,000 $1.00 cmulative prefered shares. Dividends had not beenpaid for the past two years (2021 and 2022).Retained earnings at December 31, 2022, were $171,000.RequiredPlease revise the income statement, including eamings per share information.

According to the question given, we need to prepare the income statement.Income statement:The income…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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