Jackson Hallstead, accountant for Confection Pies, was injured in an auto accident. While he was recuperating, another

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Jackson Hallstead, accountant for Confection Pies, was injured in an auto accident. While he was recuperating, another inexperienced employee prepared the following income statement for the fiscal year ended June 30, 2012:

Jackson Hallstead, accountant for Confection Pies, was injured i

The individual amounts listed on the income statement are correct. However, some accounts are reported incorrectly, and some accounts do not belong on the income statement at all. Also, income tax (30%) has not been applied to all appropriate figures. Confection Pies issued 28,000 shares of common stock back in 2004 and held 8,000 shares as treasury stock all during the fiscal year 2012.

Requirement
1. Prepare a corrected Statement of Comprehensive Income for Confection Pies for the fiscal year ended June 30, 2012. Include net income, which lists all revenues together and all expenses together, as well as other comprehensive income, net of tax. After calculating comprehensive income, prepare the earnings-per-share section of thestatement.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
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Related Book For  book-img-for-question

Financial accounting

ISBN: 978-0132751124

9th edition

Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom

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