Problem 4-04 The following account balances were included in the trial balance of Swifty Corporation at June 30, 2020. Sales revenue Sales discounts Cost of goods sold Salaries and wages expense (sales) Sales commissions Travel expense (salespersons) Delivery expense Entertainment expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Office supplies used Telephone and Internet expense (administration) $1,590,740 32,570 899,700 57,350 98,130 34,600 22,690 14,980 9,100 5,289 5,707 4,898 3,373 2,560 Depreciation expense (office furniture and equipment) Property tax expense Bad debt expense (selling) Maintenance and repairs expense (administration) Office expense Sales returns and allowances Dividends received Interest expense Income tax expense Depreciation understatement due to error-2020 (net of tax) Dividends declared on preferred stock Dividends declared on common stock $6,648 7,291 4,393 9,659 5,460 68,403 39,210 19,510 94,670 16,437 9,300 39,450 The Retained Earnings account had balance of $361,900 at July 1, 2019. There are 78,560 shares of common stock outstanding. Using the multiple-step form, prepare an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.) SWIFTY CORPORATION Income Statement . $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a retained earnings statement for the year ended June 30, 2020. (List items that increase adjusted retained earnings first.) SUITETY CORDORATION h a 13 Prepare a retained earnings statement for the year ended June 30, 2020. (List items that increase adjusted retained earnings first.) SWIFTY CORPORATION Retained Earnings Statement SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Using the single-step form, prepare an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.) SWIFTY CORPORATION Income Statement $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a retained earnings statement for the year ended June 30, 2020. (List items that increase adjusted retained earnings first.) SWIFTY CORPORATION Retained Earnings Statement $ SINNIUJJVU 15II MUHS $ Prepare a retained earnings statement for the year ended June 30, 2020. (List items that increase adjusted retained earnings first.) SWIFTY CORPORATION Retained Earnings Statement $ $
