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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 17PB: Using the following Company X information, prepare a Retained Earnings Statement: Retained earnings...

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What is the Retained earnings - 2020 (restated)?
Here is comparative balance sheet for 2021 and 2022, stating each asset as a percent of total assests and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. 2020 (%) 2021 (%) Assets Cash 43,500 8.84 55,000 14.25 Inventory 22,000 4.47 23,500 6.09 Equipment and fixures 380,000 77.24 255,000 66.08 Supplies 3,800 0.77 4,100 1.06 Prepaid expenses 9,200 1.87 12,500 3.24 Store design/Buildout 27,000 5.49 27,000 7.00 Loan Fee 4,000 0.81 5,500 1.42 Advertising and Marketing 2,500 0.51 3,300 0.86 Total assets 492,000 100.00 385,900 100.00 Bank Loan 150,000 30.49 170,000 44.05 Other liability (Balancing figure) 292,000 59.35 170,900 44.29 Owner contribution 50,000 10.16 45,000 11.66 Total equity and liability 492,000 100.00 385,900 100.00 Please explain or make an assumption of the figure