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Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Account Titles. Cash Accounts receivable Prepaid insurance. Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (5,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit 30 27 22 89 21 37 226 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $13. b. Wages payable, $16. c. Depreciation expense for the current year, $18. d. Income tax expense, $6. Credit 23 5 69 129 226 Required: 1. Using the adjusted balances, prepare an income statement for the current year. 2. Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year.

Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Account Titles. Cash Accounts receivable Prepaid insurance. Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (5,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit 30 27 22 89 21 37 226 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $13. b. Wages payable, $16. c. Depreciation expense for the current year, $18. d. Income tax expense, $6. Credit 23 5 69 129 226 Required: 1. Using the adjusted balances, prepare an income statement for the current year. 2. Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 2E: Cost of Goods Sold and Income Statement Schuch Company presents you with the following account...
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Can someone please help me figure out JUST the EARNINGS PER SHARE part that I keep getting wrong(in red) please, thank you!  

E4-21 (Algo) Reporting an Income Statement, Statement of Stockholders' Equity, and Balance Sheet LO4-2 Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (5,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit 30 27 22 89 21 37 226 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $13. b. Wages payable, $16. c. Depreciation expense for the current year, $18. d. Income tax expense, $6. Credit 23 5 69 129 226 Required: 1. Using the adjusted balances, prepare an income statement for the current year. 2. Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year.
Transcribed Image Text:E4-21 (Algo) Reporting an Income Statement, Statement of Stockholders' Equity, and Balance Sheet LO4-2 Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (5,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit 30 27 22 89 21 37 226 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $13. b. Wages payable, $16. c. Depreciation expense for the current year, $18. d. Income tax expense, $6. Credit 23 5 69 129 226 Required: 1. Using the adjusted balances, prepare an income statement for the current year. 2. Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year.
Using the adjusted balances, prepare an income statement for the current year. Note: Enter your answers in thousands. Round "Earnings per share" to 2 decimal places. GREEN VALLEY COMPANY Income Statement For the Current Year Ended December 31 (in thousands of dollars) Revenues (not detailed) Expenses Pretax income Income tax expense Net income Earnings per share $ $ $ 129 84 45 6 39 7.80
Transcribed Image Text:Using the adjusted balances, prepare an income statement for the current year. Note: Enter your answers in thousands. Round "Earnings per share" to 2 decimal places. GREEN VALLEY COMPANY Income Statement For the Current Year Ended December 31 (in thousands of dollars) Revenues (not detailed) Expenses Pretax income Income tax expense Net income Earnings per share $ $ $ 129 84 45 6 39 7.80
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