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Prepare a Statement of Stockholders’ Equity. Bluebird Products, Inc. provided the following information from its current-year trial balance. Bluebird Products, Inc. Trial Balance (Partial) For the Year Ended December 31 Account Debit Credit Retained Earnings, Beginning Balance $3,200,950 Accumulated Other Comprehensive Income, Beginning Balance 95,675 Dividends $76,500 Sales 2,200,000 Interest Income 34,500 Dividend Income 12,300 Gain on Disposal of Plant Assets 100,500 Unrealized Gain on Trading Investments 86,000 Unrealized Gain on Available-for-Sale Bonds before Tax 45,600 Gain due to Flood Damage before Tax 109,000

Prepare a Statement of Stockholders’ Equity. Bluebird Products, Inc. provided the following information from its current-year trial balance. Bluebird Products, Inc. Trial Balance (Partial) For the Year Ended December 31 Account Debit Credit Retained Earnings, Beginning Balance $3,200,950 Accumulated Other Comprehensive Income, Beginning Balance 95,675 Dividends $76,500 Sales 2,200,000 Interest Income 34,500 Dividend Income 12,300 Gain on Disposal of Plant Assets 100,500 Unrealized Gain on Trading Investments 86,000 Unrealized Gain on Available-for-Sale Bonds before Tax 45,600 Gain due to Flood Damage before Tax 109,000

FINANCIAL ACCOUNTING
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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Bluebird Products, Inc. Trial Balance (Partial) For the Year Ended December 31 Account Debit Credit Cost of Goods Sold $750,000 Selling Expenses 20,000 Office Supplies Expense 123,500 Amortization Expense 34,500 Sales Salaries Expense 55,000 Advertising Expense 68,900 Office Salaries Expense 78,500 Depreciation Expense 68,000 Accounting and Legal Fees 10,425 Systems Consulting Fees 44,550 Interest Expense 23,750 Loss on Asset Impairment 12,350 Loss on Sale of Discontinued Operations before Tax 90,000 Bluebird issued $345,000 of no-par common stock on June 30 of the current year. The company is subject to a 40% income tax rate. The beginning balance in common stock was $1,456,000. Prepare a statement of stockholders' equity for the year ended December 31. Note: You will need to solve for net income using the given information.
Transcribed Image Text:Bluebird Products, Inc. Trial Balance (Partial) For the Year Ended December 31 Account Debit Credit Cost of Goods Sold $750,000 Selling Expenses 20,000 Office Supplies Expense 123,500 Amortization Expense 34,500 Sales Salaries Expense 55,000 Advertising Expense 68,900 Office Salaries Expense 78,500 Depreciation Expense 68,000 Accounting and Legal Fees 10,425 Systems Consulting Fees 44,550 Interest Expense 23,750 Loss on Asset Impairment 12,350 Loss on Sale of Discontinued Operations before Tax 90,000 Bluebird issued $345,000 of no-par common stock on June 30 of the current year. The company is subject to a 40% income tax rate. The beginning balance in common stock was $1,456,000. Prepare a statement of stockholders' equity for the year ended December 31. Note: You will need to solve for net income using the given information.
E5-11. Prepare a Statement of Stockholders’ Equity. Bluebird Products, Inc. provided the following information from its current-year trial balance. Bluebird Products, Inc. Trial Balance (Partial) For the Year Ended December 31 Account Debit Credit Retained Earnings, Beginning Balance $3,200,950 Accumulated Other Comprehensive Income, Beginning Balance 95,675 Dividends $76,500 Sales 2,200,000 Interest Income 34,500 Dividend Income 12,300 Gain on Disposal Plant Assets 100,500 Unrealized Gain on Trading Investments 86,000 Unrealized Gain on Available-for-Sale Bonds before Tax 45,600 Gain due to Flood Damage before Tax 109,000
Transcribed Image Text:E5-11. Prepare a Statement of Stockholders’ Equity. Bluebird Products, Inc. provided the following information from its current-year trial balance. Bluebird Products, Inc. Trial Balance (Partial) For the Year Ended December 31 Account Debit Credit Retained Earnings, Beginning Balance $3,200,950 Accumulated Other Comprehensive Income, Beginning Balance 95,675 Dividends $76,500 Sales 2,200,000 Interest Income 34,500 Dividend Income 12,300 Gain on Disposal Plant Assets 100,500 Unrealized Gain on Trading Investments 86,000 Unrealized Gain on Available-for-Sale Bonds before Tax 45,600 Gain due to Flood Damage before Tax 109,000
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