Question

Colleen’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

$60,275

Dividends

62,000

Sales

1,520,000

Interest Income

3,900

Dividend Income

3,050

Gain on Sale of Property

6,800

Gain on Disposal of Plant Assets

70,000

Unrealized Gain on Trading Investments

27,850

Unrealized Gain on Available-for-Sale Bonds Before Tax

3,700

Gain on Sale of Discontinued Operations Before Tax

54,300

Cost of Goods Sold

400,000

Selling Expenses

41,000

Office Supplies Expense

50,100

Amortization Expense

13,000

Sales Salaries Expense

20,500

Advertising Expense

23,000

Office Salaries Expense

61,000

Depreciation Expense

27,000

Legal Fees

7,800

Accounting Fees

10,100

Interest Expense

6,000

Loss on Asset Impairment

8,600

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

Answer 1

Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks!

Colleen's Cookie Company
Income Statement for the year ended December 31.
Particulars	Amount $	Amount $
Sales Revenue	1,520,000.00
Less: returns and allowances	-
Net Sales		1,520,000.00
Cost of goods sold		400,000.00
Gross Profit		1,120,000.00
Selling expense	41,000.00
Sales Salaries Expense	20,500.00
Advertising Expense	23,000.00
Depreciation Expense	27,000.00
Amortization Expense	13,000.00
Office Salaries Expense	61,000.00
Office Supplies Expense	50,100.00
Legal Fees	7,800.00
Accounting Fees	10,100.00
Operating Expense		253,500.00
Operating Income		866,500.00
Interest Income	3,900.00
Dividend Income	3,050.00
Gain on sale of property	6,800.00
Gain on disposal of plant assets	70,000.00
Unrealized Gain on trading securities	27,850.00
Loss on asset impairment	(8,600.00)
Interest expense	(6,000.00)
Other expense and income		97,000.00
Income before tax		963,500.00
Tax expense		-
Income from continuing operations		963,500.00
Gain on Discontinued Operations before tax		54,300.00
Net Income		1,017,800.00
Other Comprehensive Income		Amount $
Unrealized Gain on Available for sale Bonds		3,700.00
Net Income		3,700.00

Statement of Stockholder's equity
	Common Stock	Retained Earnings	Other Comprehensive Income	Total
Opening Balance	-	1,403,000.00	60,275.00	1,463,275.00
Dividends		(62,000.00)		(62,000.00)
Income		1,017,800.00	3,700.00	1,021,500.00
Closing Balance	-	2,358,800.00	63,975.00	2,422,775.00