Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

first slide is what i need, the rest pictured is information. please help my last chegg answer was not helpful and gave me all the

image text in transcribed first slide is what i need, the rest pictured is information. please help my last chegg answer was not helpful and gave me all the wrong answers
thank you i will give you a thumbs up
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Prepare a retained earnings statement for the year ended June 30,2020 . (List items that increase adjusted retained earnings Cost of Goods Sold Selling Expenses Administrative Expenses Interest Expense Total Expenses Income Before Income Tax * 326,687 Income Tax Expense Net Income / (Loss) $217,557 Earnings Per Share $2.58 Using the single-step form, prepare an income statement for the year ended June 30,2020. (Round earnings per share to 2 Using the multiple-step form, prepare an income statement for the year ended June 30,2020. (Round earnings per shore to 2 derimal nlares o. 1.4A) Income Tax Net Income / (Loss) $217.557 Earnings Per Common Share $ 2.58 CONCORD CORPORATION Retained Earnings Statement For the Year Ended June 30, 2020 Retained Earning5, July 1,2019, as Reported * $ 339.770 Correction of Depreciation Understatement * Retained Earnings; July 1, 2019,as Adjusted : 321.462 Add : : Net Income / (Loss) 539.019 Less : Dividends Declared on Common Stock Dividends Declared on Preferred Stock Retained Earnings, June 30, 2020 $ Operating Expenses Selling Expenses Salaries and Wages Expense $ 56,480 Sales Commissions 98,010 Travel Expense Delivery Expense Entertainment Expense Telephone and Internet Expense Depreciation Expense Maintenance and Repairs Expense Bad Debt Expense Miscellaneous Selling Expenses Total Selling Expenses Administrative Expenses Olfice Expenses 6.040 The following account balances were included in the trial balance of Concord Corporation at June 30, 2020. The Retained Earnings account had a balance of $339,770 at July 1,2019. There are 80,550 shares of common stock outstanding. alances were included in the trial balance of Concord Corporation at June 30.2020. gs account had a balance of $339,770 at July 1,2019. There are 80,550 shares of common stock outstanding. Prepare a retained earnings statement for the year ended June 30,2 first.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles Volume 2

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

9th Canadian Edition

978-1119786634, 1119786630

More Books

Students also viewed these Accounting questions