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Brook Corporation
Brooks Corporation
Statement of Income and Retained Earnings
For the Year Ended December 31, 2012
Sales
Cost of goods sold
Gross profit
Operating expenses
Profit from operations
Interest expense
Profit from continuing operations before income tax
Income tax expense
Profit from continuing operations
Discontinued operations, net of income tax of P12,000
Profit
Retained earnings, January 1, 2012
Correction of prior period error, net of income tax of P4,800
Cumulative effect of change in accounting policy, net of income tax of P7,200
Dividends declared in 2012
Retained earnings, December 31, 2012
P 400,000
(280,000)
P 120,000
(84,000)
P 36,000
4,000
P32,000
9,600
P22,400
28,000
P50,400
1,600,000
11,200
(16,800)
(12,000)
P1,632,800
P2,874,000
2,500,000
P5,374,000
P 230,000
1,700,000
1,180,000
P3,110,000
P8,484,000
Liabilities
Non-current Liabilities
Long-term debt
Environmental provision
Total Non-current Liabilities
Current Liabilities
Trade payables and accrued expenses
Dividends payable
Current portion of long-term debt
Interest accrued on long-term debt
Income tax payable
55
P1,800,000
281,000
P2,081,000
P 253,000
100,000
500,000
230,000
130,000
10-3
Warranty provision
Total Current Liabilities
Total Liabilities
400,000
P1,613,000
P3,694,000
Shareholders Equity
Share Capital
Retained Earnings (2,390,000 + 1,000,000 100,000)
Total Shareholders Equity
Total Liabilities and Shareholders Equity
P1,500,000
3,290,000
P4,790,000
P8,484,000
Company Y
Sales
Cost of goods sold (2011 as previously reported 435,000)
Gross profit
Other income Change in fair value of investment in associate (2011
as previously stated P0)
Selling expenses
Administrative expenses
Profit before income tax
Income tax expense (2011 as previously reported P60,000)
Profit
Retained earnings, January 1
-as previously stated
-effect of correction of prior period cost of goods sold
-effect of change in accounting policy for investment in associate
Retained earnings, December 31
56
P60,000
30,000
P 30,000
5 years
6,000
P15,000
P( 9,000)
735,000
P724,000
2012
P1,040,000
(724,000)*
P 316,000
Restated
2011
P735,000
(500,000)
P235,000
50,000
(80,000)
(50,000)
P236,000
(70,800)
P 165,200
20,000
(50,000)
(50,000)
P155,000
(46,500)
P108,500
340,000
(45,500)
14,000
P473,700
P200,000
P308,500
MULTIPLE CHOICE
MC1
MC2
MC3
MC4
MC5
MC6
MC7
MC8
MC9
MC10
MC11
MC12
MC13
E
C
A
C
A
C
B
B
C
A
C
A
A
57