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 […]