Reference no: EM131257676
Below is an incorrect income statement and an incorrect statement of stockholders’ equity for Gill Corporation for the year ended December 31, 2017.
Sales, net $600,000
Cost of goods sold (300,000)
Selling expenses (100,000)
Correction of error in reporting 2010 net income (30,000)
Loss on impairment of goodwill (60,000)
Cumulative effect to January 1, 2017, of a change in accounting principle 20,000
Loss on discontinued operations(10,000)
Unrealized loss on available-for-sale marketable securities (40,000)
Pretax income $100,000
Income tax expense at 30% (30,000)
Net income $70,000
Additional information:
1. Common stock, no par, is $700,000 throughout the year. 2. Retained earnings at December 31, 2016, was reported as 120,000.
3. No dividends were declared during the year.
4. There was no balance in accumulated other comprehensive income at December 31, 2016.
5. Gill Corporation had 10,000 shares of common stock outstanding throughout the year.
A. Prepare a corrected multi-step income statement in good form. If necessary information is missing, state a reasonable assumption and apply it.
B. Prepare a correct statement of stockholders’ equity in good form. If necessary information is missing, state a reasonable assumption and apply it.
|
How much to pay the ceo and a few other top people
: A brief bio on each of the members of the board of directors. A "compensation report" explaining how the board has decided how much to pay the CEO and a few other top people
|
|
Leases develop two lease examples and operating
: Leases Develop two lease examples, operating and capital which includes the lease terms. State the requirements for determining whether a lease is an operating or capital lease. Provide journal entries that set up the lease and entries for payments. ..
|
|
Information technology on expenditure cycle activities
: Impact of Information Technology on Expenditure Cycle Activities, Threats, and Controls. Search popular business and technology magazines (Business Week, Forbes, Fortune, CIO, etc.) to find an article about an innovative use of IT that can be used to..
|
|
Formulate this as a linear programming problem
: Formulate this as a linear programming problem. - Solve this problem graphically, giving the optimal values of all variables.
|
|
Prepare corrected multi-step income statement in good form
: Below is an incorrect income statement and an incorrect statement of stockholders’ equity for Gill Corporation for the year ended December 31, 2017. Prepare a corrected multi-step income statement in good form. If necessary information is missing, st..
|
|
Determine least cost blend of compost and sewage in each bag
: Each pound of compost costs Sweet Smell 5¢ and each pound of sewage costs 4¢. - Use a graphical LP method to determine the least-cost blend of compost and sewage in each bag.
|
|
Describe the major functions of the is department
: Discuss the major factors that influence the global distribution of precipitation. Give examples of desert regions and tropical regions and explain why these climates are found where they are.
|
|
Market value of chief corporation on the date of declaration
: On October 1, 2016, Chief Corporation declared and issued a 6% stock dividend. Before this date, Chief had 90,000 shares of $5 par common stock outstanding. The market value of Chief Corporation on the date of declaration was $10 per share. As a resu..
|
|
Improve the state of the restaurant industry
: Discuss how you feel these new trends will improve the state of the restaurant industry. Compose an essay using a minimum of 500 words, utilizing your readings and any outside research to develop a viable state of the industry trends report
|