On December 31, 2026, Fighting Emerl Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense $ 72,000 Rent expense 1,200 2,200 Salaries expense Supplies expense $ 12,200 20,000 12,000 In addition, the balance of common stock at the beginning of the year was $155,000, and the balance of retained earnings was $28,000. During the year, the company issued additional shares of common stock for $22,000 and paid dividends of $12,000. Required: 1. Prepare an income statement. 2. Prepare a statement of stockholders' equity. Complete this question by entering your answers in the tabs below. Income Statement Stmt of Stockholders Equity Prepare an income statement. FIGHTING EMERL COOKING SERVICES Income StatementES For the Year Ended December 31, 2026 Expenses: 0 Total Expenses
On December 31, 2026, Fighting Emerl Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense $ 72,000 Rent expense 1,200 2,200 Salaries expense Supplies expense $ 12,200 20,000 12,000 In addition, the balance of common stock at the beginning of the year was $155,000, and the balance of retained earnings was $28,000. During the year, the company issued additional shares of common stock for $22,000 and paid dividends of $12,000. Required: 1. Prepare an income statement. 2. Prepare a statement of stockholders' equity. Complete this question by entering your answers in the tabs below. Income Statement Stmt of Stockholders Equity Prepare an income statement. FIGHTING EMERL COOKING SERVICES Income StatementES For the Year Ended December 31, 2026 Expenses: 0 Total Expenses
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 19E: Lyon Company shows the following condensed income statement information for the year ended December...
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