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The following pretax amounts are taken from the adjusted trial balance of Gomez Corp. at December 31, its annual year-end. Other information: Assume an average
The following pretax amounts are taken from the adjusted trial balance of Gomez Corp. at December 31, its annual year-end. Other information: Assume an average 25% corporate tax rate on all items. Assume no changes in common stock during the year. Accumulated other comprehensive income had a $40,000 credit balance on December 31 of the prior year. Retained earnings had a $387,000 credit balance on December 31 of the prior year. Dividends declared and paid during the year were $50,000. Required a. Prepare two separate but consecutive statements of income and comprehensive income for the current year. Ignore earnings per share disclosures. b. Prepare a statement of stockholders' equity for the current year
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