question amy jill corporation 39 s capital structure consists soley of shares of com 4305558

question amy jill corporation 39 s capital structure consists soley of shares of com 4305558

Question

amy-jill corporation's capital structure consists soley of shares of common stock. 1/1/16 – 5,000 shares. 12/31/16- 15,000. there is no preferred stock. At december 31 2016 an analysis of the accounts and discussions with the company officials revealed the following information. accounts payable = 30,000. accounts recievable= 45,000. accrued interest payable= 500. accumulated depreciation= 87,000. allowance for doubtful accounts= 2,500. common stock = 100,000. common stock dividends declared= 2,500. dividend income recieved= 5,500. error in depreciation expense for 2014( to correct error, expense is reduced) = 25,000. general and administrative expenses = 70,000. interest expense (other item) = 8,500. merchandise inventory- december 31,2016= 62,500. merchandise inventory- january1 2016= 76,000. supplies on hand = 20,000. land = 185,000. loss from discotinued operations= 40,000. machinery and equipment= 225,000. notes payable ( maturity 7/1/2020)= 100,000. patents= 50,000. purchase discounts= 9,000. purchases= 376,000. retained earnings – january 1 2016= 195,000. research and devlopment expenses= 16,000. restructuring cost= 14,000. sales = 650,000. selling expense= 71,000. unearned service revenue= 2,000. the amount of income tax expense applicable to income from operations was 62,000- income tax expense. the tax effect of the discontinued operating loss was 20,000 – income tax benefit. the tax effect of the depreciation error was 10,000- income tax expense. prepare a multi-step income statement with EPS. prepare a statement of retained earnings. within the income statement or as part of an additional schedule you need to prepare a detailed “cost of goods sold statement”

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