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Problem 4-4 The following account balances were included in the trial balance of Coronado Corporation at...

Problem 4-4

The following account balances were included in the trial balance of Coronado Corporation at June 30, 2017.

Sales revenue $1,592,490 Depreciation expense (office furniture and equipment) $6,961
Sales discounts 31,930 Property tax expense 6,944
Cost of goods sold 906,000 Bad debt expense (selling) 5,026
Salaries and wages expense (sales) 56,950 Maintenance and repairs expense (administration) 9,745
Sales commissions 98,360 Office expense 5,770
Travel expense (salespersons) 35,500 Sales returns and allowances 61,334
Delivery expense 22,000 Dividends received 36,840
Entertainment expense 14,940 Interest expense 18,260
Telephone and Internet expense (sales) 9,050 Income tax expense 100,580
Depreciation expense (sales equipment) 4,655 Depreciation understatement due to error—2014 (net of tax) 18,460
Maintenance and repairs expense (sales) 6,413 Dividends declared on preferred stock 8,330
Miscellaneous selling expenses 4,661 Dividends declared on common stock 34,440
Office supplies used 3,150
Telephone and Internet expense (administration) 3,073


The Retained Earnings account had a balance of $325,990 at July 1, 2016. There are 76,170 shares of common stock outstanding.

Using the multiple-step form, prepare an income statement for the year ended June 30, 2017. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Prepare a retained earnings statement for the year ended June 30, 2017. (List items that increase adjusted retained earnings first.)

Using the single-step form, prepare an income statement for the year ended June 30, 2017. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Prepare a retained earnings statement for the year ended June 30, 2017. (List items that increase adjusted retained earnings first.)

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ekkarill92 answered 1 year ago
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