Income Statement and Retained Earnings
Not what you're looking for?
Preparation of Income Statement (What are the Net Income and Earning per Share?) and Retained Earnings Statement (What is the Retained earnings on June 30, 2006?). Prepare an income statement and a statement of retained earnings for Big Sky Corporation for the year ended June 30, 2006, based on the following information---see attached document.
I've attached my attempt to solve this problem, but noticed that my answer differs from a previously posted response on brain mass for this same equation. Can you please help me understand where/if I am messing up.
See attached excel file for my solution. The answer posted previously in brain mass did not include the dividends on the income statement, yet i saw another example elsewhere that did...should it be included? Are my calculations correct?
Do capital stock and retained earnings go on the income statement? If yes, how do I incorporate that?
Also, how/where do I calculate the earnings per share? Please review the work I've done and let me know where I am messing up.
Purchase this Solution
Solution Summary
The solution explains how to prepare an income statement and a statement of retained earnings
Solution Preview
See attached excel file for my solution. The answer posted previously in brain mass did not include the dividends on the income statement, yet i saw another example elsewhere that did...should it be included? Are my calculations correct?
Dividends is not to be included in the income statement, unless it ...
Purchase this Solution
Free BrainMass Quizzes
Accounting: Statement of Cash flows
This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.
Motivation
This tests some key elements of major motivation theories.
Lean your Process
This quiz will help you understand the basic concepts of Lean.
Introduction to Finance
This quiz test introductory finance topics.