The following information is provided for Aylmer Inc at December 31, 2020: Rental Revenue 15,600 Administrative Expenses 7,650 Cost of Goods Sold 49,800 Accounts Payable 35,700 Selling Expenses 69,750 Interest Expense 1,790 Retained Earnings, January 1, 2020 52,000 Dividends declared and paid 12,000 Outstanding Common Shares 16,000 Accounts Receivable 15,900 Sales Revenue 306,700 Income tax expense 10,800 Additional information - in 2020, there was a correction for understatement of net income in a prior year (after tax) of 13,500 1 In good form, prepare a single-step income statement at December 31, 2020. 2 Calculate the earnings per share. 3 In good form, prepare the statement of retained earnings at December 31, 2020.

The following information is provided for Aylmer Inc at December 31, 2020: Rental Revenue 15,600 Administrative Expenses 7,650 Cost of Goods Sold 49,800 Accounts Payable 35,700 Selling Expenses 69,750 Interest Expense 1,790 Retained Earnings, January 1, 2020 52,000 Dividends declared and paid 12,000 Outstanding Common Shares 16,000 Accounts Receivable 15,900 Sales Revenue 306,700 Income tax expense 10,800 Additional information - in 2020, there was a correction for understatement of net income in a prior year (after tax) of 13,500 1 In good form, prepare a single-step income statement at December 31, 2020. 2 Calculate the earnings per share. 3 In good form, prepare the statement of retained earnings at December 31, 2020.

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 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...

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Question

Thanks in advance.

The following information is provided for Aylmer Inc at December 31, 2020:
Rental Revenue
15,600
Administrative Expenses
7,650
Cost of Goods Sold
49,800
Accounts Payable
35,700
Selling Expenses
69,750
Interest Expense
1,790
Retained Earnings, January 1, 2020
52,000
Dividends declared and paid
12,000
Outstanding Common Shares
16,000
Accounts Receivable
15,900
Sales Revenue
306,700
Income tax expense
10,800
Additional information - in 2020, there was a correction for understatement of net income in a prior year (after tax) of
13,500
JIRED:
1 In good form, prepare a single-step income statement at December 31, 2020.
2 Calculate the earnings per share.
3 In good form, prepare the statement of retained earnings at December 31, 2020.

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