Question

HW Score: 54.12% 2.71 of 5 pts X E5-10 (similar to) Question Help Corwino's Cookie Company provided the following account balances from its year-end trebalance (Click the icon to view the year-end trial balance) During the year, Corinne issued no-par common stock. The proceeds of the Wisco were $29.000. The company is subject to a 40% income tax rate. The beginning balance in common stock was $430.000 Road the requirement Accumulated Requirement Common Retained Comprehensive Stockholders Stock Earnings Income Loss) Equity $ 430,000 $1,635,000 $ 1,500 $ 2.000.50 Balance, January 1 Issuance of Common Stock Unrealed Gain on Available For Sale Securities. Net of Tax Net Income Prepare a statement of stockholders' equity for the current year. Note: You need to solve for net income using the given information Round to the nearest dollara box is not used in the statement ave the box empty do not entera oro Round mmediary calculations and your final answers to the nearest whole olar. Use a minus signor parentheses for a loss or lo show a decrease in any the accounts.) Dividends Declared Done Balance, December 31 Choose from any list or enter any number in the input fields and then click Check Answer. All parts showing Clear Check Answer

Answer 1

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Solotion : Components Net income on from the Adjusted Trial Balance : Accant De bit Sales Credit Interest income $1630 000 Dividend intome 3900 3550 6900 60 co0 Gain on Sale of property Gain on Disposal ot plant AssetJ unreatised gain en trading anvestmenty Gain on sale tf Dislontinued Operakons (Befare Tax) $ 27550 $ 3१२०० cost of goods Seld elling expenses office Supplies expense $400000 $ 3700 $ 57800 $ 9000 $ a5000 AmovriJabion Expense. Seles Salaries expense Advesasing expense of fice Salariy expense $ 63000 $ 25000 Depreciation erpense legal fes Alcounting fees In terest expense less on Asset impairment $ 7700 $ 6800 $8700 ToTal $672600 $ 1791 100

Net income Computation: particulars ToTal Revenues 4 income (Toral Amant g1791100 tredites) ex penses ç lesses (no ral debits) Ircome betore tares Toral $( 6+260) Fu18500 $ (44740) Tay expense 404 Net income $ 671100 Statement 6f Stock holders equity. : Covinne's Cookie company Statement of Stock holders_equity For the Current December 31 year ended particulars Common StoIL (no jar stoik) Retained Accomulated Toia! Stock helders Eapuity Earnings Other Comprehensive întome Begining Bal. $43000 Jan i. $1635000 (61 So0) $ 200 35 00 New issoe if Common Stock (No par) { २१००० 29000 Net income $ 671100 $ (5200) $ 671100 Dividends dedared other Cumprehenstve income : 'unrealized gain on Available for Sale securities $ (S2000) $2380 ६ २२१० tax net of (4 3800 x [--4]) Ending Balance Dec 317 1459000 २२५४।०० $(59220) 12647880