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Financial Accounting Income Statements Question And Answers Homework Help

November 22, 2017
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Question 1
What is the relationship between the Securities and Exchange Commission and accounting standard setting in the United States?

Question 2
Starr Co. had sales revenue of $621,700 in 2012. Other items recorded during the year were:

	Cost of goods sold	$330,000
	Wage expense	129,300
	Income tax expense	26,400
	Increase in value of company reputation	15,100
	Other operating expenses	12,500
	Unrealized gain on value of patents	20,600

Prepare a single-step income statement for Allen for 2012. Allen has 100,000 shares of stock outstanding.(List multiple entries from largest to smallest amount, e.g. 10, 5, 2. Round earnings per share to 2 decimal places, e.g. 0.20. Enter all amounts as positive amounts and subtract where necessary.)

Question 3
Portman Corporation has retained earnings of $728,900 at January 1, 2012. Net income during 2012 was $1,897,010, and cash dividends declared and paid during 2012 totaled $77,690. Prepare a retained earnings statement for the year ended December 31, 2012. Assume an error was discovered: land costing $86,630 (net of tax) was charged to repairs expense in 2009.(Enter all amounts as positive amounts and subtract where necessary.)

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Question 4
On January 1, 2012, Richards Inc. had cash and common stock of $62,700. At that date the company had no other asset, liability or equity balances. On January 2, 2012, it purchased for cash $21,030 of equity securities that it classified as available-for-sale. It received cash dividends of $4,200 net of tax during the year on these securities. In addition, it has an unrealized holding gain on these securities of $5,520 net of tax. Determine the following amounts for 2012:
(a) net income;
(b) comprehensive income;
(c) other comprehensive income; and
(d) accumulated other comprehensive income (end of 2012).

Question 5
(Comprehensive Income)
Armstrong Corporation reported the following for 2012: net sales $1,286,800; cost of goods sold $763,800; selling and administrative expenses $331,100; and an unrealized holding gain on available-for-sale securities $23,000.
Prepare a statement of comprehensive income, using the two-income statement format. Ignore income taxes and earnings per share.(Enter all amounts as positive amounts and subtract where necessary.)

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