Reference no: EM131299844
The following is a partial list of the account balances, after adjustments, of World Inc. on December 31, 2013:
| Depreciation Expense: Buildings and Office Equipment |
$ 10,875.00 |
| Sales Commissions and Salaries |
$ 13,650.00 |
| Inventory, January 1, 2013 |
$ 28,350.00 |
| Sales Supplies Used |
$ 4,200.00 |
| Retained Earnings, January 1, 2013 |
$ 62,775.00 |
| Purchase Returns and Allowances |
$ 4,650.00 |
| Bad Debt Expense |
$ 2,025.00 |
| Transportation-In |
$ 10,125.00 |
| Sales Discounts Taken |
$ 3,675.00 |
| Purchases |
$ 129,750.00 |
| Delivery Expense |
$ 5,775.00 |
| Office Supplies Expense |
$ 1,050.00 |
| Common Stock, $10 par |
$ 60,000.00 |
| Loss on Sale of Office Equipment (pretax) |
$ 3,750.00 |
| Insurance and Property Tax Expense |
$ 6,375.00 |
| Sales |
$ 255,525.00 |
| Rent Revenue |
$ 5,175.00 |
| Office and Administrative Salaries Expense |
$ 24,000.00 |
| Promotion and Advertising Expense |
$ 12,750.00 |
| Sales Returns and Allowances |
$ 9,075.00 |
| Purchase Discounts Taken |
$ 3,075.00 |
| Depreciation Expense: Sales Equipment |
$ 7,200.00 |
| Interest Expense |
$ 2,775.00 |
Required:
A. Prepare separate supporting schedules for cost of goods sold, selling expenses, general and administrative expenses, and depreciation expense.
B. Prepare a 2013 multiple-step income statement for World Inc. including Components of Earnings Per Share (EPS) presentation.
C. Prepare a 2013 retained earnings statement.
The following information is also available:
1. The company declared and paid a cash dividend on its common stock of $0.45 per share
The stock was outstanding the entire year.
2. A physical count determined that the December 31, 2013, ending inventory is $25,575.00
3. A tornado destroyed a warehouse, resulting in a pretax loss of $9,000.00
4. On May 1, 2013, the company sold an unprofitable division (M).
From January through April, Division M had incurred a pretax operating loss of $6,525.00
Division M was sold at a pretax gain of $7,500.00
5. The company is subject to an income tax rate of 30%
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