Hill Company prepares quarterly and year-to-date interim reports. The following is its interim income statement for the quarter ended March 31, 2016: On June 30, 2016, Hills accountant completed a worksheet in preparation for developing the year-to-date interim income statement.
On June 30, 2016, Hills accountant completed a worksheet in preparation for developing the year-to-date interim income statement. The following are the accounts and amounts listed on the income statement debit and credit columns of this worksheet:
Assuming 20,000 shares of common stock have been outstanding for the entire 6 months, prepare:
1. Hills year-to-date interim income statement for the first 6 months of 2016.
2. Hills interim income statement for the second quarter of 2016.
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...
Sales (net) Cost of goods sold Gross profit Operating expenses $150,000 90 60,000 Selling expenses General expenses Depreciation expense $18,000 10,600 8.00028.200 36 Pretax operating income Other items: $ 600 Dividend revenue Interest expense 1,00 Income before incometaxes Income lax expense Nel income Earnings per share 120,000 shares) 23,000 16,000 0.80 Debit Credit $340,000 500 1,000 Sales (net) Interest revenue Dividend revenue Cost of goods sold Selling expenses General expenses Depreciation expense Interest expense Income tax expense $190,000 50,000 20,000 16,000 2,100 19,200
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