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

Corinnes Cookie Company Statement of Stockholders Equity For the Current Year Ended December 31 Accumulated Other Comprehen

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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.lerinnes lookie lompany Statemeut 8 Earmingy tor the yeor ended December 31. Pasticulary Amtunt Sales ta20000 375,000 lost(Lentinued) Imcome from lontinuing Opealrons before Tax 754400 Less: Income Tax (301760) [754.400 x 40% = 301760] Income fromLorinner dookie lompany Statement Steckholderi Equity For ore clurrent Year Endid December 3. farticulars Accumulatid Retain

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