Income statement, Please put together an income statement

Income statement

Assignment Help Financial Accounting

Reference no: EM13914045

Let’s assume that you are a newly-hired finance manager for NH Corporation, a small but growing manufacturing company of winter hiking socks. On your first day at work, 12/31/2014, CFO tells you that the company has 50K shares of common stock. Also, that same day, you review the company’s accounts with the CFO revealed the following information:

Loss due to magnitude 8 earthquake 56K

Marketing and sales expenses 128K

Cash and cash equivalents 60K

Accounts receivable 90K

Common stock 200K

COGS 701K

Accumulated depreciation 180K

Dividend revenues 8K

Unearned service revenue 4.4K

Interest payable 1K

Land 370K

Patents 100K

Retained earnings, 1/1/2014 290K

Interest expense 17K

Administrative expenses 170K

Dividends declared 24K

Allowance for doubtful accounts 5K

Notes payable (matures on July 1, 2017) 200K

PP&E 450K

Raw Materials 40K

Accounts payable 60K

Further, you learn from a finance director that the amount of income taxes for ordinary income was $57.6K, not including the tax effect of the earthquake loss of $24K.

Instructions

(a) Please put together an income statement (multistep)

(b) Please put together a retained earnings statement.

Reference no: EM13914045

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