Prepare a multiplc-step laconic statement

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Reference no: EM13173856

Porter Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2010 an analysis of the accounts and discussions with company officials revealed the following information:

Sales		S1,100,000
'Purchase discounts		18,000
	Purchases	642,000
	Hanhquake loss (net of tax) (extraordinary item)	42,000
	Selling expenses	128,000
	Cash	60,000
	Accounts receivable	90,000
	Common stock	200,000
	Accumulate) depreciation	180,000
	'Dividend revenue	8,000
Inventory, Jamul), I, 2010		152,000
Inventory, December 31, 2010		125,000
Unearned service revenue		4;100
Accrued interest payable		1,000
TAW		370,000
Patents		100,000
Retained earnings, January 1, 2010		290,000
Interest expense		17,000
General and administrative expenses		. 150,000
Dividends declared		29,000
Allowance for doubtful accounts		5,000
Notes payable (maturity 711/13)		200,000
Machinery and equipment		450,000
v Materials and supplies		40,000
Accounts payable		60,000

l'he amount of income taxes applicable to ordinary income was 548,600, excluding the tax effect of the earthquake loss which amounted to $18,000.

Instructions

(a) Prepare a multiplc-step laconic statement.

(b) Prepare a retained earnings statement.

Reference no: EM13173856

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