Question
Enter requested amounts. Use information from attachment. If required, only use the minus sign to indicate net loss before income tax, net loss, or a
Enter requested amounts. Use information from attachment. If required, only use the minus sign to indicate net loss before income tax, net loss, or a deficit balance in retained earnings. Gross profit $ Total Selling expenses $ Total Administrative expenses $ Total operating expenses $ Income from operations $ Net Other expenses and income $ Income tax $ Net income $ Earnings per common share (rounded to the nearest cent) $ Retained earnings, January 1, 2012 $ Total current assets $ Investment in Nordic Wear Inc. bonds $ Total property, plant, and equipment $ Total assets $ Total current liabilities $ Net Long-term liabilities $ Total liabilities $ Total Paid-in capital Preferred 5% stock $ Total Paid-in capital Common stock, $25 par $ Total paid-in capital $ Retained earnings, December 31, 2012 $ Total stockholders' equity $
Comprehensive Problem 4 Part 2: Note: You must complete part 1 before part 2. After all of the transactions for the year ended December 31, 2012, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data below were taken from the records of Everyday Products Inc. On your own paper, in the working papers, or using a spreadsheet, prepare the following: a. Prepare a multiple-step income statement for the year ended December 31, 2012, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 84,000 and preferred dividends were $85,000. (Round earnings per share to the nearest cent.) Save your calculations and enter the requested amounts below. b. Prepare a retained earnings statement for the year ended December 31, 2012. Save your calculations and enter the requested amounts below. c. Prepare a balance sheet in report form as of December 31, 2012. Save your calculations and enter the requested amounts below. If required, only use the minus sign to indicate net loss before income tax, net loss, or a deficit balance in retained earnings. Gross profit Total Selling expenses Total Administrative expenses Total operating expenses Item 1 $ Item 2 $ Item 3 $ Item 4 $ Income from operations Net Other expenses and income Income tax Net income Earnings per common share (rounded to the nearest cent) Retained earnings, January 1, 2012 Total current assets Investment in Nordic Wear Inc. bonds Total property, plant, and equipment Total assets Total current liabilities Net Long-term liabilities Total liabilities Total Paid-in capital Preferred 5% stock Total Paid-in capital Common stock, $25 par Total paid-in capital Retained earnings, December 31, 2012 Total stockholders' equity Item 5 $ Item 6 $ Item 7 $ Item 8 $ Item 9 $ Item 10 $ Item 11 $ Item 12 $ Item 13 $ Item 14 $ Item 15 $ Item 16 $ Item 17 $ Item 18 $ Item 19 $ Item 20 $ Item 21 $ Item 22 $Step by Step Solution
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