Multiple-step statement with retained earning -Brokaw Corporation
Not what you're looking for?
Please help. Please put in excel and give explanations so I can better understand.
Presented below is information related to Brokaw Corp. for the year 2010.
Net sales $1,200,000
Cost of goods sold 780,000
Selling expenses 65,000
Administrative expenses 48,000
Dividend revenue 20,000
Interest revenue 7,000
Write-off of inventory due to obsolescence 80,000
Depreciation expense omitted by accident in 2009 40,000
Casualty loss (extraordinary item) before taxes 50,000
Cash dividends declared 45,000
Retained earnings at December 31, 2009 980,000
Effective tax rate of 34% on all items
Instructions
a.) Prepare a multiple-step income statement for 2010. Assume that 60,000 shares of common stock are outstanding.
b.) Prepare a retained earnings statement for 2010.
Purchase this Solution
Solution Summary
The expert examines the multiple step statement with retained earnings for Brokaw Corporation.
Purchase this Solution
Free BrainMass Quizzes
Six Sigma for Process Improvement
A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.
Balance Sheet
The Fundamental Classified Balance Sheet. What to know to make it easy.
Learning Lean
This quiz will help you understand the basic concepts of Lean.
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
Marketing Management Philosophies Quiz
A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.