Richard Wright, accountant for Sweetie Pie Foods, Inc., was injured in an auto accident. Another…

Richard Wright, accountant for Sweetie Pie Foods, Inc., was injured in an auto accident. Another employee prepared the following income statement for the fiscal year ended June 30, 20X7: The individual amounts listed on the income statement are correct. However, some accounts are reported incorrectly, and some accounts do not belong on the income statement at all. Also, income tax (40%) has not been applied to all appropriate figures. Sweetie Pie Foods issued 44,000 shares of common stock back in 20X1 and held 4,000 shares as treasury stock all during the fiscal year 20X7. Required Prepare a corrected statement of income (single-step, which lists all revenues together and all expenses together), including comprehensive income, for fiscal year 20X7. Include earnings per share. View Solution:
Richard Wright accountant for Sweetie Pie Foods Inc was injured