Problem 4-2 Presented below is the trial balance of Windsor Corporation at December 31, 2017. WINDSOR...

Problem 4-2

Presented below is the trial balance of Windsor Corporation at December 31, 2017.

WINDSOR CORPORATION TRIAL BALANCE DECEMBER 31, 2017
	Debits	Credits
Purchase Discounts		$13,720
Cash	$193,420
Accounts Receivable	108,720
Rent Revenue		21,720
Retained Earnings		163,720
Salaries and Wages Payable		21,720
Sales Revenue		1,103,720
Notes Receivable	113,720
Accounts Payable		52,720
Accumulated Depreciation—Equipment		28,744
Sales Discounts	18,220
Sales Returns and Allowances	21,220
Notes Payable		73,720
Selling Expenses	235,720
Administrative Expenses	102,720
Common Stock		303,720
Income Tax Expense	57,620
Cash Dividends	48,720
Allowance for Doubtful Accounts		8,720
Supplies	17,720
Freight-in	23,720
Land	73,720
Equipment	143,720
Bonds Payable		120,832
Gain on Sale of Land		33,720
Accumulated Depreciation—Buildings		20,344
Inventory	92,720
Buildings	101,720
Purchases	613,720
Totals	$1,967,120	$1,967,120

A physical count of inventory on December 31 resulted in an inventory amount of $67,720; thus, cost of goods sold for 2017 is $648,720.

a) Prepare a single-step income statement. 30,372 shares of common stock were outstanding the entire year. (Round earnings per share to 2 decimal places, e.g. 1.48.)

b)Prepare a retained earnings statement. Assume that the only changes in retained earnings during the current year were from net income and dividends. (List items that increase retained earnings first.)

Solutions

Expert Solution

ekkarill92 answered 1 year ago

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