Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

not sure if any of this is correct please help The following information is related to Windsor Company for 2020. $1,019,200 Retained earnings balance, January

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

not sure if any of this is correct please help

The following information is related to Windsor Company for 2020. $1,019,200 Retained earnings balance, January 1, 2020 Sales Revenue 26,000,000 Cost of goods sold 16,640,000 Interest revenue 72,800 Selling and administrative expenses 4,888,000 Write-off of goodwill 852,800 Income taxes for 2020 1,293,760 Gain on the sale of investments 114,400 Loss due to flood damage 405,600 Loss on the disposition of the wholesale division (net of tax) 457,600 Loss on operations of the wholesale division (net of tax) 93,600 Dividends declared on common stock 260,000 Dividends declared on preferred stock 83,200 Windsor Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Windsor sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. For the Year Ended December 31, 2020 Sales Revenue 26,000,000 16,640,000 Cost of Goods Sold Gross Profit/(Loss) 9360000 4,888,000 Selling and Administrative Expenses Income from Operations 4472000 Other Revenues and Gains Interest Revenue 72,800 114,400 Gain on the Sale of Investments 187200 Other Expenses and Losses 852,800 Write-off of Goodwill Loss from Flood Damage 405,600 1258400 Income from Continuing Operations Before Income Tax 1445600 LA Loss from Flood Damage 405,600 1258400 Income from Continuing Operations Before Income Tax 1445600 1,293,760 Income Tax Income from Continuing Operations Before Income Tax 151840 Discontinued Operations Loss on Disposal, Net of Applicable Tax 457,600 93,600 Loss on Operations, Net of Applicable Tax 551200 Net Income/(Loss) 703040 $ Earnings Per Share $ Income from Continuing Operations Discontinued Operations Loss on Operations, Net of Applicable Tax Loss on Disposal, Net of Applicable Tax Loss on Operations, Net of Applicable Tax Loss on Disposal, Net of Applicable Tax Net Income/(Loss) $ List of Accounts Prepare a retained earnings statement. (List items that increase retained earnings first.) WINDSOR COMPANY Retained Earnings Statement For the Year Ended December 31, 2020 Retained Earnings, January 1 1,019,200 Add Dividends-Common Stock Less Dividends-Preferred Stock 83,200 260,000 Dividends-Common Stock tA A KA tA Less Dividends-Preferred Stock 83,200 260,000 Dividends-Common Stock 343200 Retained Earnings, January 1

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_2

Step: 3

blur-text-image_3

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

CIA Part 3 Business Knowledge For Internal Auditing 2021

Authors: MUHAMMAD ZAIN

1st Edition

B09B23JKZ8, 979-8739475527

More Books

Students also viewed these Accounting questions

Question

Rewrite the function F(x)=3(3+3)^2 -2 in the form F(x)=ax^2 +bx+c

Answered: 1 week ago