Dambra issued $4,900 of no-par common stock on April 1 of the current year. Requirement Begin by completing Dambra's single-step income statement for the current year, one section at a time. (Use a minus sign or parentheses for a net loss. Remember to ignore taxes.) Prepare the stockholders' equity section of the balance sheet at December 31 of the current year. Ignore taxes.
Dambra issued $4,900 of no-par common stock on April 1 of the current year. Requirement Begin by completing Dambra's single-step income statement for the current year, one section at a time. (Use a minus sign or parentheses for a net loss. Remember to ignore taxes.) Prepare the stockholders' equity section of the balance sheet at December 31 of the current year. Ignore taxes.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Dambra Inc. provided the following information from its current-year trial balance .
Account
|
Debit
|
Credit
|
Loss on disposal of plant assets
|
$720
|
|
Dividends
|
810
|
|
Cost of goods sold
|
530,400
|
|
Selling expenses
|
69,450
|
|
Dividend income
|
|
$68
|
Advertising expense
|
42,550
|
|
Office salaries expense
|
5,720
|
|
|
99,680
|
|
Loss on asset impairment
|
3,040
|
|
Accounting and legal fees
|
16,310
|
|
Interest income
|
|
1,000
|
Unrealized loss on available-for-sale bonds before tax
|
400
|
|
Interest expense
|
1,150
|
|
Sales
|
|
745,000
|
|
|
384,200
|
Accumulated other comprehensive loss: beginning balance
|
5,200
|
|
Common stock—no par: beginning balance
|
|
89,100
|
Dambra issued $4,900 of no-par common stock on April 1 of the current year.
Requirement
Begin by completing Dambra's single-step income statement for the current year, one section at a time. (Use a minus sign or parentheses for a net loss. Remember to ignore taxes.)
Prepare the
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