Acct 550 Week 2 Assignment

E4-4

LE ROI JONES, INC

Income Statement 2014

Sales Revenue 1,250,000

Sales discounts 17,000

Net Sales 1,233,000

Expenses

Cost of Goods sold 500,000

Operating expenses 400,000

Administrative exp 100,000

Interest expense 20,000

Total expenses 1,020,000

Income before taxes 213,000

Income tax (30%) 63,900

Net Income 149,100

Earnings per share $7.46

E4-12

(a) EDDIE ZAMBRANO CORP

Retained Earnings Statement

For the year ended Dec 31, 2014

Balance January 1 reported $225,000

Correction for depreciation error (net of 10,000 tax) 15,000

Balance January 1 adjusted 210,000

Net Income 123,000

333,000

Dividends declared 100,000

Balanced December 31...