Question Description
Benford Company uses a periodic inventory system and presents the following items derived from its December 31, 2016, adjusted trial balance:
|
Operating Expenses |
$39,380 |
|
Dividend Revenue |
1,100 |
|
Retained Earnings, January 1, 2016 |
75,570 |
|
Sales (net) |
153,560 |
|
Common Stock, $15 par |
49,500 |
|
Merchandise Inventory, January 1, 2016 |
26,400 |
|
Purchases (net) |
87,120 |
The following information is also available for 2016 and is not reflected in the preceding accounts:
- The common stock has been outstanding for the entire year. A cash dividend of $0.92 per share was declared.
- The income tax rate on all items of income is 30%.
- The ending merchandise inventory is $30,030.
- A pretax $4,400 loss was recognized on the sale of Division E (a component of the company). This division had earned a pretax operating income of $2,090 during 2016.
- Damaged inventory was written off at a pretax loss of $7,260.
- An earthquake, which is unusual in the area, caused a $4,070 pretax loss.
Required:
- Prepare a 2016 single-step income statement for Benford Company.
- Prepare a 2016 retained earnings statement for Benford Company.
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