nd Video...gnment(17) MYThe following income statement was prepared by a new and inexperienced employee in the accounting department of Phoenix, Inc., abusiness organized as a corporation.Less:Net salesGain on sale of treasury stockExcess of issuance price over par value of capital stockPrior period adjustment (net of income tax)Total revenueSavedPHOENIX, INC.INCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2021Cost of goods soldSelling expensesGeneral and administrative expenses.Loss from settlement of litigationIncome tax on continuing operations.Operating loss on discontinued operations (net of incometax benefit)Loss on disposal of discontinued operations (net ofincome tax benefit)Dividends declared on common stockTotal costs and expensesNet incomeRequired ARequired B$6,000,0001,104,0001,896,00024,000720,000252,000Complete this question by entering your answers in the tabs below.420,000350,000Required:a. Prepare a corrected income statement for the year ended December 31, 2021. Include at the bottom of your income statement allappropriate earnings per share figures. Assume that throughout the year the company had outstanding a weighted average of180,000 shares of a single class of capital stock.b. Prepare a statement of retained earnings for 2021. (As originally reported, retained earnings at December 31, 2020, amounted to$2,175,000.)< Prev$10,800,00062,000510,00096,000$11,468,0008 of 810,766,000$ 702,000wwwNext >

Income Statement - The financial situation of the business is displayed on the income statement for…

ing income statement was prepared by a new and inex organized as a corporation, PHOENIX, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2021 Les in sale of treasury stock of issuance price over par value of capital stock period adjustment (net of income tax) al revenue. of goods sold Ling expenses eral and administrative expenses. alement of litigation. $6,000,000 1,104,000 1,896,000 24,000 720,000 $10,800,000 62,000 510,000 96,000 $11,468,000

ing income statement was prepared by a new and inex organized as a corporation, PHOENIX, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2021 Les in sale of treasury stock of issuance price over par value of capital stock period adjustment (net of income tax) al revenue. of goods sold Ling expenses eral and administrative expenses. alement of litigation. $6,000,000 1,104,000 1,896,000 24,000 720,000 $10,800,000 62,000 510,000 96,000 $11,468,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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