Problem Two
Presented below is information related to Roses Marie Company for the year 2017
Net sales $ 950,700
Cost of goods sold 450,800
Operating expenses 200,670
Dividend revenue 10,200
Interest revenue 7,500
Interest expense 15,600
Depreciation expense omitted in 2016 35,700
Uninsured loss due to flood (unusual and infrequent) 60,800
Dividends declared and paid 22,800
Retained earnings at December 31, 2016 1,999,900
Effect on prior years of change in accounting principle (credit) 23,300
Loss from operations of discontinued segment of business 41,200
Loss from disposal of segment of business 110,400
Federal tax rate of 30% on all items
Common stock shares outstanding 90,000 shares.
Instructions:
(a) Prepare the income statement (multiple) for 2017. (Remember calculation of EPS)
(b) Prepare the retained earnings statement for 2017.
(c) Remember preparing two disclosures in both financial statement.
The post Problem Two Presented below is information related to Roses Marie Company for the year 2017 Net sales $ 950,700 C appeared first on Lion Essays.
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