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Hello, I need help with Chapter 4 in WileyPLUS, Intermediate Accounting, 16th Edition, Kieso, 9781119170785 Exercise 4-7 The accountant of Kingbird Shoe Co. has compiled
Hello, I need help with Chapter 4 in WileyPLUS, Intermediate Accounting, 16th Edition, Kieso, 9781119170785
Exercise 4-7 The accountant of Kingbird Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2017. Rent revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling) Supplies expense (selling) Income tax Salaries and wages expense (administrative) Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (70% selling, 30% administrative) Cash dividends declared $32,200 21,200 34,200 118,000 20,800 40,600 139,100 54,900 499,200 983,200 68,200 19,200 There were 20,130 shares of common stock outstanding during the year. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) KINGBIRD SHOE CO. Income Statement $ $ $ $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a single-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) KINGBIRD SHOE CO. Income Statement $ $ $ Exercise 4-9 Presented below is information related to Buffalo Corp. for the year 2017. Selling expenses Administrative expenses 65,900 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2016 Casualty loss 57,000 Cash dividends declared Dividend revenue 27,700 Net sales Cost of goods sold Interest revenue $1,356,900 789,400 8,350 $83,430 46,500 45,100 47,040 Retained earnings at December 31, 2016 Effective tax rate of 34% on all items 997,900 Prepare a multiple-step income statement for 2017. Assume that 65,950 shares of common stock are outstanding. (Round earnings per share to 2 decimal places, e.g. 1.49.) BUFFALO CORP. Income Statement $ $ : $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a separate retained earnings statement for 2017. (List items that increase retained earnings first.) BUFFALO CORP. Retained Earnings Statement $ : : $ Exercise 4-13 At December 31, 2016, Skysong Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 108,612 shares Common stock, $5 par, 4,060,980 shares $10,861,200 20,304,900 During 2017, Skysong did not issue any additional common stock. The following also occurred during 2017. Income from continuing operations before taxes Discontinued operations (loss before taxes) Preferred dividends declared Common dividends declared Effective tax rate $24,647,300 $3,285,900 $1,086,120 $2,248,400 35 % Compute earnings per share data as it should appear in the 2017 income statement of Skysong Corporation. (Round answers to 2 decimal places, e.g. 1.48.) Earnings Per Share $ $ Problem 4-6 Below is the Retained Earnings account for the year 2017 for Pearl Corp. Retained earnings, January 1, 2017 $258,430 Add: Gain on sale of investments (net of tax) Net income Refund on litigation with government, related to the year 2014 (net of tax) Recognition of income earned in 2016, but omitted from income statement in that year (net of tax) $42,030 85,330 22,430 26,230 176,020 434,450 Deduct: Loss on discontinued operations (net of tax) Write-off of goodwill (net of tax) Cumulative effect on income of prior years in changing from LIFO to FIFO inventory valuation in 2017 (net of tax) Cash dividends declared Retained earnings, December 31, 2017 35,830 60,830 24,030 32,830 153,520 $280,930 (a) Prepare a corrected retained earnings statement. Pearl Corp. normally sells investments of the type mentioned above. FIFO inventory was used in 2017 to compute net income. (List items that increase retained earnings first.) PEARL CORP. Retained Earnings Statement $ : : $Step by Step Solution
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