Reporting earnings per share [10-15 min]
Return to the RAR data in Short Exercise RAR had 13,500 shares of common stock outstanding during 2012. RAR declared and paid preferred dividends of$3,000 during 2012.
Requirement
1. Show how RAR reported EPS data on its 2012 income statement.
Preparing a corporate income statement [10-15 min]
RAR Corporation’s accounting records include the following items, listed in no particular order, at December 31, 2012:
Income tax of 30% applies to all items.
Requirement
1. Prepare RAR’s income statement for the year ended December 31, 2012. Omit earnings per share.
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