Use the data in P11-55B to prepare the Midler Cosmetics statement of retained earnings for the year
Question:
In P11-55B, the following information was taken from the records of Midler Cosmetics, Inc., at December 31,2014:
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Dividends on common stock... $37,000 debit to Rctained Earning. $ 9,300 rest expens25,000 10,400 16,000 Prior-period adjustment-net of taxes Income tax expense (saving) Gain on lawsuit settlement. .35,950 Dividend revenue Continuing operations. Income from discontinued opcrations.... Extraordinary loss.4,300 Treasury stock, common 15,000 Geral expenses..81,000 628,000 6,100 (5,000 shares at cost). Sales reycnuc Income from discontinued Preferred stock, 6%, $30 par, Extraordinary los.14,000 Retained carnings, beginning, 20,000 as originally reported202,000 Selling expenses... 36,000 shares authorized Cost of goods sold314,200 390,000
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Related Book For
Financial Accounting
ISBN: 978-0133427530
10th edition
Authors: Walter Harrison, Charles Horngren, William Thomas
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