Income Statement and Retained Earnings Huff Company presents the following items derived from itsDecember 31, 2019, adjusted trial balance:E5-17LO 5.4LO 5.10Sales (net)Interest expenseCost of goods sold$124,0003,70066,200Operating expensesCommon stock, $5 parRetained earnings, 1/1/2019$30,40022,00045,800The following information is also available for 2019 and is not reflected in the preceding accounts:1 The common stock has been outstanding all year. A cash dividend of S1.28 per share was declared and paid.2.SHOWME HOWLand was sold at a pretax gain of S6,300.3.Division X (a major component of the company) was sold at a pretax gain of $4,700 It had incurred a $9.500pretax opcrating loss during 20194.A tornado, which is an unusual event in the area, cauused a $5,400 pretax loss.5.The income tax rate on all items of income is 30%,6. The average sharcholders equity is S90,000Required:1 Prepare a 2019 multiple-step income statement forHuf2. Prepare a 2019 retained carnings statement.3. Compute the 2019 retum on common equity (Net Income 4 Average Sharehokders Equity)

Name: Income Statement and Retained Earnings Huff Company presents the foll
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Description: Income Statement and Retained Earnings Huff Company presents the following items derived from itsDecember 31, 2019, adjusted trial balance:E5-17LO 5.4LO 5.10Sales (net)Interest expenseCost of goods sold$124,0003,70066,200Operating expensesCommon sto

Multiple-step income statement is a statement that shows detailed information about the expenses and…

Business

Accounting

E5-17 Income Statement and Retained Earnings Huff Company presents the following items derived from its December 31, 2019, adjusted trial balance: LO 5.4 LO 5.10 Sales (net) Interest expense Cost of goods sold $124,000 3.700 66,200 Operating expenses Common stock, $5 par Retained earnings, 1/1/2019 $30,400 22,000 45,800 SHOW ME HOW The following information is also available for 2019 and is not reflected in the preceding accounts: 1. The common stock has been outstanding all year. A cash dividend of S1.28 per share was declared and paid. 2. Land was sold at a pretax gain of S6.300. Division X (a major component of the company) was sold at a pretax gain of $4,700. It had incurred a $9,500 pretax operating loss during 2019. 3. 4. A tornado, which is an unusual event in the area, caused a $5,400 pretax loss. 5. The income tax rate on all items of income is 30%. 6. The average sharcholders' equity is S90,000. Required: 1 Prepare a 2019 multiple-step income statement for Huff 2. Prepare a 2019 retained carnings statement. Compute the 2019 return. on common equity (Net Income 4 Average Sharcholders Equity)

E5-17 Income Statement and Retained Earnings Huff Company presents the following items derived from its December 31, 2019, adjusted trial balance: LO 5.4 LO 5.10 Sales (net) Interest expense Cost of goods sold $124,000 3.700 66,200 Operating expenses Common stock, $5 par Retained earnings, 1/1/2019 $30,400 22,000 45,800 SHOW ME HOW The following information is also available for 2019 and is not reflected in the preceding accounts: 1. The common stock has been outstanding all year. A cash dividend of S1.28 per share was declared and paid. 2. Land was sold at a pretax gain of S6.300. Division X (a major component of the company) was sold at a pretax gain of $4,700. It had incurred a $9,500 pretax operating loss during 2019. 3. 4. A tornado, which is an unusual event in the area, caused a $5,400 pretax loss. 5. The income tax rate on all items of income is 30%. 6. The average sharcholders' equity is S90,000. Required: 1 Prepare a 2019 multiple-step income statement for Huff 2. Prepare a 2019 retained carnings statement. Compute the 2019 return. on common equity (Net Income 4 Average Sharcholders Equity)

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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