Retained earnings and multiple-step income statement

Assignment Help Cost Accounting
Reference no: EM13529504

(Multiple-Step Statement with Retained Earnings) Presented below is information related to Brokaw Corp. for the year 2012.

Net sales

$1,200,000  

Write-off of inventory due to   obsolescence

$   80,000

Cost of goods sold

780,000  

Depreciation expense omitted by   accident in 2011

40,000  

Selling expenses

65,000  

Casualty loss (extraordinary   item) before taxes

50,000  

Administrative expenses

48,000  

Cash dividends declared

45,000  

Dividend revenue

20,000  

Retained earnings at December   31, 2011

980,000  

Interest revenue

7,000  

Effective tax rate of 34% on   all items

 

Instructions

(a) Prepare a multiple-step income statement for 2012. Assume that 60,000 shares of common stock are outstanding.

(b) Prepare a retained earnings statement for 2012.

Reference no: EM13529504

Questions Cloud

How would you advise the partners in developing a method : How would you advise the partners in developing a method for dividing income - Sanchez believes the income should be divided 7:3, favoring Sanchez, since Sanchez provides the majority of effort in running the partnership business.
A leading candy bar is claimed to have on average : A  Leading Candy bar is claimed to have, on average,
Compute the natural abundances of these two isotopes : The atomic masses of Li-6 and Li-7 are 6.0151amu and 7.0160amu respectively. Calculate the natural abundances of these 2 isotopes. The average atomic mass of Li is 6.941amu.
Enzymatic receptor mechanism : Compare/contrast signal transduction through receptor tyrosinekinases (enzymatic receptor mechanism, Figs 9.6 and 9.7) to signal transduction throughG-protein-coupled receptors (Fig 9.11). How are they similar? How are they different?
Retained earnings and multiple-step income statement : Prepare a multiple-step income statement for 2012. Assume that 60,000 shares of common stock are outstanding - Prepare a retained earnings statement for 2012
Determine the molar mass of the protein : A 20.5 g sample of protein dissolved in water to prepare 500ml solution shows an osmatic pressure of 3.72 torr at 27 degrees C. Estimate the molar mass of the protein
Find how much total power is supplied to the two appliances : A coffee-maker (11 ?) and a toaster (16 ?) are connected in parallel to the same 120-V outlet in a kitchen. How much total power is supplied to the two appliances
A ski resort collects data on the number of days : A ski resort collects data on the number of days
Describe the origin and classification of the plant kingdom : Describe the origin and classification of the plant kingdom. What is good with hemoglobin with the body for O2release?

Reviews

Write a Review

Cost Accounting Questions & Answers

  Stockholders equity accounts - patel corporation

Prepare the stockholders equity section of the balance sheet at December 31, 2012 - stockholders equity accounts, arranged alphabetically

  Service food vendorralph newkirk is considering a bid for

service food vendorralph newkirk is considering a bid for the hot dog and soft drink concession at the 14 football

  Compute the product margins for x100 and x200

Company currently applies manufacturing overhead to products using direct labor-hours as the allocation base. Using this traditional approach, compute the product margins for X100 and X200.

  What is maximum amount nate and nan can contribute to ira

Nate and Nan Munson (ages 58 and 49, respectively) each have a traditional IRA. Nate retired last year and has no earned income. Nan works full-time. Her 2013 wages were $36,000. What is the maximum amount Nate and Nan can contribute to their resp..

  What would be the incremental effect on the company

What would be the incremental effect on the company's overall profit of reworking and selling the material rather than selling it as is as scrap and what is the relevant cost of the 880 liters of the raw material when deciding how much to bid on th..

  Top notch inc a us corp operates in both new zealand and

top notch inc a us corp operates in both new zealand and the united states. for the current year top notch inc

  Calculate activity rates for each activity cost pool

Costs in the Machining cost pool are assigned to products based on machine-hours (MHs) and costs in the Setting Up cost pool are assigned to products based on the number of batches. Costs in the Other cost pool are not assigned to products.

  Computes the total cost and marginal cost

Create a table that computes the total cost and marginal cost for every quantity between 1 and 10 units and what is the relation between marginal cost and average cost

  With possibility of the us congress relaxing restrictions

with possibility of the us congress relaxing restrictions on cutting old growth timber a local lumber company is

  Computation of basic and diluted eps charles austin of the

computation of basic and diluted eps charles austin of the controllers office of thompson corporation was provided the

  Differences between the way gaap and ifrs operate

Currently, the United States is working towards a convergence with International Financial Reporting Standards (IFRS). There are certain similarities and differences between the way GAAP and IFRS operate.

  A company is a wooden product manufacturer specializing in

a company is a wooden product manufacturer specializing in wood kitchen and home products such as paper towel and

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd