Porter corporation – income statement and statement of retained

Porter Corporation’s capital structure consists of 50,000 shares of common stock.

At December 31, 2010 an analysis of the accounts and discussions with company officials revealed the following information:

Sales $1,100,000

Purchase discounts 18,000

Purchases 642,000

Earthquake loss (net of tax) (extraordinary item) 42,000

Selling expenses 128,000

Cash 60,000

Accounts receivable 90,000

Common stock 200,000

Accumulated depreciation 180,000

Dividend revenue 8,000

Inventory, January 1, 2010 152,000

Inventory, December 31, 2010 125,000

Unearned service revenue 4,400

Accrued interest payable 1,000

Land 370,000

Patents 100,000

Retained earnings, January 1, 2010 290,000

Interest expense 17,000

General and administrative expenses 150,000

Dividends declared 29,000

Allowance for doubtful accounts 5,000

Notes payable (maturity 7/1/13) 200,000

Machinery and equipment 450,000

Materials and supplies 40,000

Accounts payable 60,000

The amount of income taxes applicable to ordinary income was $48,600, excluding the tax effect of the earthquake loss which amounted to $18,000.

Instructions (a) Prepare a multiple-step income statement.

(b) Prepare a retained earnings statement.

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