Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

Exercise 24

The income statement below was prepared by a new and inexperienced employee in the accounting department of Phoenix, Inc., a business organized as a corporation.

Instructions
a.repare a corrected income statement for the year ended December 31, 2015, using the format illustrated in Exhibit 12-2.nclude at the bottom of your income statement all appropriate earnings-per-share figures.ssume that throughout the year the company had outstanding a weighted average of 180,000 shares of a single class of capital stock.
b.repare a statement of retained earnings for 2015.As originally reported, retained earnings at December 31, 2014, amounted to $2,175,000.)
c.hat does the $62,000 "gain on sale of treasury stock" represent How would you report this item in Phoenix's financial statements at December 31, 2015