The Following Information Was Taken from the Accounting Records of Winnifred

question 173

Essay

The following information was taken from the accounting records of Winnifred Corp.at December 31,2017.The income tax rate is 40%.
Preferred shares,$1,50,000 shares authorized,
$$\begin{array} { l c } \text { 10,000 shares issued } & \$ 150,000 \\\text { Retained earnings, balance as of january 1,2017 } & 287,000 \\\text { Cost of goods sold } & 935,000 \\\text { Gain on sale of discontinued segment } & 80,000 \\\text { Sales revenue (net) } & 1,450,000 \\\text { Selling expenses } & 215,000 \\\text { Preferred dividends } & 10,000 \\\text { Common dividends } & 70,000 \\\text { Administrative expenses } & 112,000 \\\text { Operating income, discontinued segment } & 33,000 \\\text { Loss on expropriation of land } & 46,000\end{array}$$ Common shares,unlimited number of shares authorized,
$\begin{array}{llr} \text {200,000 shares issued } &315,000\\\end{array}$
There were no share transactions in 2017.
Prepare a single step income statement and a statement of retained earnings for the year ended December 31,2017.

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