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The following is a partial listing of the accounts for Crown Company for the year ended December 31, 2020, in alphabetical order. (Click the
The following is a partial listing of the accounts for Crown Company for the year ended December 31, 2020, in alphabetical order. (Click the icon to view the partial listing of accounts.) Required (Click the icon to view the facts.) Requirement a. Prepare, in good form, a multi-stop income statement that includes relevant subtotals, with operating expenses listed by their function, for the year ended December 31, 2020. Note that depreciation expense, employee wages and benefits, and utilities expense are included in marketing and advertising expenses. (Use parentheses or a minus sign for numbers to be subtracted.) Crown Company Income Statement For the year ended December 31, 2020 Sales Cost of goods sold Gross profit Marketing and advertising expenses $ 4,662,000 3772000 Income before income taxes Income tax expense Income from continuing operations Loss from discontinued operations Not income Requirement b. Prepare, in good form, a statement of changes in equity for the year ended December 31, 2020. (Use parentheses or a minus sign for numbers to be subtracted. Leave any unused calls blank Crown Company Statement of changes in equity For the year ended December 31, 2020 Balance, January 1, 2020, as originally reported Effect of change in accounting policy Balance, January 1, 2020, restated Net income Dividends declared Shares issued Balance, December 31, 2020 Common chares Retained earnings
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