The Huff Company presents the following partial list of account balances taken from its December 31, 2019 adjusted trial balance: Sales (net) $124,000 Operating expenses Interest expense 4,600 Common stock, $5 par Cost of goods sold 57,000 Retained earnings, 1/1/2019 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 $1.74 per share was declared and paid. 2. Land was sold at a pretax gain of $6,700. 3. Division X (a major component of the company) was sold at a pretax gain of $4,640. It had incurred a $9,500 pretax operating loss during 2019. 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 shareholders' equity is $89,000. Required: 1. Prepare a 2019 multiple-step income statement for Huff. Round earnings per share computations to two decimal places. HUFF COMPANY Income Statement (Multi-Step) For Year Ended December 31, 2019 Gales (net) Cost of goods sold Operating income Other items Gain on sale of land $27,200 22,000 41,400 Encome tax expense 00000000 000

The Huff Company presents the following partial list of account balances taken from its December 31, 2019 adjusted trial balance: Sales (net) $124,000 Operating expenses Interest expense 4,600 Common stock, $5 par Cost of goods sold 57,000 Retained earnings, 1/1/2019 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 $1.74 per share was declared and paid. 2. Land was sold at a pretax gain of $6,700. 3. Division X (a major component of the company) was sold at a pretax gain of $4,640. It had incurred a $9,500 pretax operating loss during 2019. 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 shareholders' equity is $89,000. Required: 1. Prepare a 2019 multiple-step income statement for Huff. Round earnings per share computations to two decimal places. HUFF COMPANY Income Statement (Multi-Step) For Year Ended December 31, 2019 Gales (net) Cost of goods sold Operating income Other items Gain on sale of land $27,200 22,000 41,400 Encome tax expense 00000000 000

Name: Income Statement and Retained EarningsThe Huff Company presents the f
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Description: Income Statement and Retained EarningsThe Huff Company presents the following partial list of account balances taken from its December 31, 2019 adjusted trial balance:Sales (net)$124,000 Operating expensesInterest expense4,600 Common stock, $5 parCo

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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