Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 9.00

Parrot Company

Identifying and Correcting Errors in an Income Statement - Just after preparing the adjusting entries for the year, the long-time controller at Parrot Company took a leave of absence. Her inexperienced assistant did his best to prepare financial statements from the information the controller had left behind. He had particular difficulty with the income statement. The item labeled sales expense is the sum of the amounts charged customers during the year for goods and services provided.

Income Statement
December 31, 2004

Sales expense

$260,722

Cost of goods sold

102,690

Net profit

$158,032

Operating expenses:

Wages

$59,780

Utilities

9,002

Interest

14,420

Depreciation

13,510

Total operating expense

97,712

Operating income

$60,320

Advertising expense

9,968

Pretax income

$50,352

Income tax expense

13,150

Net income

$63,502

Earnings per share of common stock

($64,502 15,000 shares)

$4.30

Required

A. Identify and list the errors in the income statement above.

B. Prepare a corrected income statement.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 05:09 PM My Price 9.00

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