John Holland, accountant for Sunny Pie Foods, was injured in an auto accident. While he was recuperating,
Question:
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. Sunny Pie Foods issued 17,000 shares of common stock back in 2004 and held 7,000 shares as treasury stock all during the fiscal year 2012.
Requirement
1. Prepare a corrected Statement of Comprehensive Income for Sunny Pie Foods 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 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...
Step by Step Answer:
Financial accounting
ISBN: 978-0132751124
9th edition
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom