COSC Acc 101: COSCAcc101SP13

by | Mar 26, 2024 | Computer Science

Walker Company had total revenue and expense numbers of $1,500,000 and $1,200,000, respectively, in the current year. In addition, the company had a gain of $230,000 that resulted from the passage of new legislation, which is considered unusual and infrequent for financial reporting purposes. The gain is expected to be subject to a 35 percent income tax rate.

Prepare an abbreviated income statement for Walker for the year. (Amounts to be deducted should be indicated with a minus sign. Omit the “$” sign in your response.)
WALKER COMPANY

Income Statement

For year ended _____.

(Click to select)Interest receivableOffice equipmentRevenuesSalaries payableDepreciation expenses

 $

(Click to select)ExpensesOffice equipmentSales revenueDepreciation expensesSupplies expense

(Click to select)Income before extraordinary itemAccounts payableDepreciaton expensesDeferred revenueDepreciation expenses

 $

(Click to select)Sales revenueExtraordinary lossExtraordinary gainInterest receivableSalaries payable

(Click to select)Net incomeNet loss

 $

Messer Company had retained earnings at the beginning of the current year of $590,000. During the year, the following activities occurred:
• Net income of $88,000 was earned.
•

A cash dividend of $1.20 per share was declared and distributed on the 50,000 shares of common stock outstanding.

Prepare a statement of retained earnings for the year. (Input all amounts as positive values. Omit the “$” sign in your response.)
MESSER COMPANY

Statement of Retained Earnings

For year ended _____.

(Click to select)Depreciaton expensesSupplies expenseOffice equipmentRetained earnings, beginning of yearRetained earnings, end of year

 $

(Click to select)Less: Net lossAdd: Net income
$

(Click to select)Deduct: Cash dividend on common stockSupplies expenseFuel expensesSalaries payableAdd: Cash dividend on common stock

(Click to select)Retained earnings, beginning of yearDepreciaton expensesSalaries payableOffice equipmentRetained earnings, end of year

 $

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