E4-8 (Multiple-Step Statement with Retained Earnings) Presented below is information related to Brokaw Corp. for the year 2012. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,200,000 780,000 65,000 48,000 20,000 7,000 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2011 Casualty loss (extraordinary item) before taxes Cash dividends declared Retained earnings at December 31, 2011 Effective tax rate of 34% on all items $ 80,000 40,000 50,000 45,000 980,000 Instructions (a) Prepare a multiple-step income statement for 2012. Assume that 60,000 shares of common stock are outstanding. (b) Prepare a retained earnings statement for 2013

E4-8 (Multiple-Step Statement with Retained Earnings) Presented below is information related to Brokaw Corp. for the year 2012. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,200,000 780,000 65,000 48,000 20,000 7,000 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2011 Casualty loss (extraordinary item) before taxes Cash dividends declared Retained earnings at December 31, 2011 Effective tax rate of 34% on all items $ 80,000 40,000 50,000 45,000 980,000 Instructions (a) Prepare a multiple-step income statement for 2012. Assume that 60,000 shares of common stock are outstanding. (b) Prepare a retained earnings statement for 2013

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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