COSC Acc 101: COSCAcc101SP13

07 Jun COSC Acc 101: COSCAcc101SP13

Posted at 03:55h in 2General studies by Blogger

Question

Walker Company had total revenue and expense numbers of $1,500,000 and $1,200,000, respectively, in the current year. In addition, the company had a gain of $230,000 that resulted from the passage of new legislation, which is considered unusual and infrequent for financial reporting purposes. The gain is expected to be subject to a 35 percent income tax rate.

Prepare an abbreviated income statement for Walker for the year. (Amounts to be deducted should be indicated with a minus sign. Omit the “$” sign in your response.)

WALKER COMPANY

Income Statement

For year ended _____.

(Click to select)Interest receivableOffice equipmentRevenuesSalaries payableDepreciation expenses

(Click to select)ExpensesOffice equipmentSales revenueDepreciation expensesSupplies expense

(Click to select)Income before extraordinary itemAccounts payableDepreciaton expensesDeferred revenueDepreciation expenses

(Click to select)Sales revenueExtraordinary lossExtraordinary gainInterest receivableSalaries payable

(Click to select)Net incomeNet loss

Messer Company had retained earnings at the beginning of the current year of $590,000. During the year, the following activities occurred:

•	Net income of $88,000 was earned.
•	A cash dividend of $1.20 per share was declared and distributed on the 50,000 shares of common stock outstanding.

Prepare a statement of retained earnings for the year. (Input all amounts as positive values. Omit the “$” sign in your response.)

MESSER COMPANY Statement of Retained Earnings For year ended _____.
(Click to select)Depreciaton expensesSupplies expenseOffice equipmentRetained earnings, beginning of yearRetained earnings, end of year	$
(Click to select)Less: Net lossAdd: Net income

	$
(Click to select)Deduct: Cash dividend on common stockSupplies expenseFuel expensesSalaries payableAdd: Cash dividend on common stock

(Click to select)Retained earnings, beginning of yearDepreciaton expensesSalaries payableOffice equipmentRetained earnings, end of year	$

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