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Business, 08.10.2019 01:20 finesser16
At the beginning of 2016, jr company's shareholders' equity wasas follows: common stock, $5 par-35,000
additional paid in capital-$49,000
retained earnings-$63,000-
during 2016, the following events and transactions occured:
1. jr recognized sales revenue of $108,000. it incurred cost of goods sold of $62,000 and operating expenses of $12,000
2. jr issued 1,000 shares of its $5 par common stock for $14 per share
3. jr invested $30,000 in available for sale securites. at the end of the year, the securities had a fair value of $35,000
4. jr paid dividends of $6,000
the income tax rate on all items of income is 30%
prepare a 2016 income statement for jr which includes net income and comprehensive income (ignore earnings per share)
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At the beginning of 2016, jr company's shareholders' equity wasas follows: common stock, $5 par-35,...
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