Question

uestion 5 of 5 -/1 ew Policies urrent Attempt in Progress Presented below is information related to Bramble Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,378,000 826,800 68,900 50,880 21,200 7.420 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss Cash dividends declared Retained earnings at December 31, 2019 Effective tax rate of 20% on all items $84,800 58,300 53,000 47.700 1,038,800 Prepare a multiple-step income statement for 2020. Assume that 64,448 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, es 1.49.) BRAMBLE CORP. Income Statement $ E

Answer 1

$1,378,000 $ 826,800 $ 551,200 Bramble Corp. Income Statement For the Year Ended December 31, 2020 Revenue Net Sales Cost of goods sold Gross Profit/(loss) Operating Expense Selling Expense $ Administrative Expense $ Total Operating Expense Income from Operations Other Revenues and Gains Dividend Revenue $ Interest Revenue $ 68,900 50,880 $ 119,780 $ 431,420 21,200 7,420 A $ 28,620 $ 460,040 Other Expense and Losses Casuality Loss Write off Inventory Due to Obsolescence $ $ 53,000 84,800 Income before Income Tax Income Tax Expense Net Income / (loss) $ 137,800 $ 322,240 $ 64,448 $ 257,792 Earnings Per Share : Net Income / loss) $ $ 4.00 Bramble Corp. Retained Earnings Statement For the Year Ended December 31,2020 Retained earnings January 1, as Reported Correction for overstatement of net income in prior period Retained earnings January 1, as adjusted Add : Net Income / (loss) $ 1,038,800 $ 58,300 $ 980,500 $ 257,792 $ 1,238,292 $ 47,700 $ 1,190,592 Less : Dividends Declared Retained Earnings December 31 Note : Do Comment For Any Further Assistance