Question

​Corinne's Cookie Company provided the following account balances from its​ year-end trial balance.

During the​ year,Corinne

issued​ no-par common stock. The proceeds of the new issue were $ 26 comma 000$26,000.

The company is subject to a 40​% income tax rate. The beginning balance in common stock was $ 450 comma 000$450,000.

Corinne’s Cookie Company

Trial Balance (Selected Accounts)

For the Current Year Ended December 31

Account

Debit

Credit

Retained Earnings, Beginning Balance

$1,403,000

Accumulated Other Comprehensive Income, Beginning Balance

$58,250

Dividends

61,000

Sales

1,280,000

Interest Income

3,200

Dividend Income

3,050

Gain on Sale of Property

6,700

Gain on Disposal of Plant Assets

95,000

Unrealized Gain on Trading Investments

27,350

Unrealized Gain on Available-for-Sale Bonds Before Tax

3,400

Gain on Sale of Discontinued Operations Before Tax

51,200

Cost of Goods Sold

375,000

Selling Expenses

35,000

Office Supplies Expense

58,900

Amortization Expense

11,500

Sales Salaries Expense

22,000

Advertising Expense

20,000

Office Salaries Expense

70,000

Depreciation Expense

28,000

Legal Fees

7,600

Accounting Fees

10,700

Interest Expense

6,800

Loss on Asset Impairment

8,700

Corinne's Cookie Company Statement of Stockholders' Equity For the Current Year Ended December 31 Accumulated Other Comprehensive Income (Loss) Common Stock Retained Earnings Total Stockholders' Equity Balance, January 1 Balance, December 31

Answers must fit the blank of pictures, please!!!!!!

Answer 1

From the information given in the question, I have prepared Statement of Earnings and Other Comprehensive income for the year ended December 31.

Information from the Statement of Earnings and Other Comprehensive Income are used in preparing the Statement of Stockholders Equity for the ended December 31.
lerinne's lookie lompany Statemeut 8 Earmingy tor the yeor ended' December 31. Pasticulary Amtunt Sales ta20000 375,000 lost of Goods Sald Gros lrofit 905,000 Operatino Espeuse Selleng Erpenus efue bupplies Erpeuse Sales balaries Expense Advertisvp Erpue ffie Salariy Expense Legal tues Aucountrig few Depreciation Erpeemse Armortization brpense 35,000 58,900 ১२,০০০ ల000 000'a t 7,600 Oot'o) 28,000 11,500 263, 700 641,300 Operatinp Imceme. Add: othes Revenues & Gains Interust Income 3200 Diridend Income 3050 Gain on Rusposal g Plant Asset 95000 lnreadused Gain on Troduno Ineshment 27350 Less 0thes Epus4 Los Inlerst Exqense Loss en Aset Iupais ment (8700) Income from dontinuining Oreratión (6800) 113100 754,400 before Tar

(Lentinued) Imcome from lontinuing Opealrons before Tax 754400 Less: Income Tax (301760) [754.400 x 40% = 301760] Income from clontinung Operstions 452640 Gain from Disontinued Operaliong(Netog 30 720 Tar). (51200 x40Y. A 20480) [51200 -204809 = 30 720 Met Income 483 360 Statement of clomprehencive Income fo8 the year ended Recember 31. Amount Particulary Net Income 483360 Oerer lomprehensive Inceme, Net og Tar lnrealised Gain on Avoilable for Sales Bonds ( 3400 x 40% = 1360 [3400 -1360 =2040] lomprehensive Imcome 2040.

Lorinne'r dookie lompany Statement Steckholderi Equity For ore clurrent Year Endid December 3. farticulars Accumulatid Retained Total Lommon Comprehensive Stockholdas Imcome Other Earnings Stock Equity Balane, Januoay1 1911250 450,000 ,403000 58,250 Add: lommon Stak 26,000 26,000 Icbsued Add: Met Income 483360 483,360 Leis : Dividend (61,000) (61,000) Add: Olher 2040 2040 elomprehensive I'ncome Balance, December 3) 4,76,000 1825360 60290 2361650