2. King Inc. reports the following information for 2015: Sales revenue Cost of g

Question

2. King Inc. reports the following information for 2015: Sales revenue Cost of goods sold $500,000 Operating expenses $80,000 $700,000 nrealized loss of Correction of und -60,000 erstatement of 2014 income, net of tax $40,000 Dividends declared and paid during the year, $10,000. comprehensive income $ has January 1, 2015, balances in common stock $300,000, accumulated other 70,000; and retained earnings $60,000. It issued no stock during 2015. Instructions: Prepare in good format a statement of stockholders' equity. Sag y enalduais 1.lur

Explanation / Answer

Statement of Stockholder's Equity Balance of Common Stock $300,000.00 Other Comprehensive Income $70,000.00 Retained Earning Beginning for of the year $60,000.00 Income For the Period $60,000.00 Dividend Decclared & Paid -$10,000.00 Prior Period Income $40,000.00 $150,000.00 Total Year End Balance $520,000.00 Statement Showing Calculation of Net Income a Sales Revenue $700,000.00 b Cost of Goods Sold $500,000.00 c Operating Expense $80,000.00 d=a-b-c Income from Operation for the year $120,000.00 e Unrealized Loss $60,000.00 d-e Income for the the period $60,000.00

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