Use the data in P11-48A to prepare the Ryder Cosmetics statement of retained earnings for the year ended December 31.2014. Use the Statement of Retained Earnings for Maxim, Inc.,

The following information was taken from the ledger of Maxim, Inc.:

Requirement
1. Prepare a single-step income statement (with all revenues and gains grouped together) and a statement of retained earnings for Maxim. Inc., for the current year ended December 31. 2014. Include the earnings-per-share presentation and show computations. Assume no changes in the stock accounts during the year.

Transcribed Image Text:

Prior-period adjustment-net of taxes debit to Retained Earnings Treasury stock, common (5,000 s at cost) 5,000 Gain on sale of plant assets 1,000ellnar Common stock, no par, 45,000 sh issued Cost of goods sold.... Income tax expense: Continuing operations. 32,000 Sales revenue Discontinued operations.. ,000 Interest expens Extraordinary gain 0,000 Extraordinary gain. Preferred stock, 8%,5100 par, 500 shares50.000 Income from discontinued operatic issued. 16,000 Loss due to lawsuit. Retained earnings, beginning, as originally103,000 General expenses reported