E4.9 (LO 2,3,5) (Multiple-Step Statement with Retained Earnings Statement) Presented below is information related to Ivan Calderon Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue Instructions $1,300,000 780,000 65,000 48,000 20,000 7,000 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss Cash dividends declared Retained earnings at December 31, 2019 Effective tax rate of 20% on all items $ 80,000 55,000 50,000 45,000 980,000 1. → Prepare a multiple step income statement for2020. Assume that 60,000 shares of common stock are outstanding for the entire year. 2. → Prepare a separate retained earnings statement for2020.

E4.9 (LO 2,3,5) (Multiple-Step Statement with Retained Earnings Statement) Presented below is information related to Ivan Calderon Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue Instructions $1,300,000 780,000 65,000 48,000 20,000 7,000 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss Cash dividends declared Retained earnings at December 31, 2019 Effective tax rate of 20% on all items $ 80,000 55,000 50,000 45,000 980,000 1. → Prepare a multiple step income statement for2020. Assume that 60,000 shares of common stock are outstanding for the entire year. 2. → Prepare a separate retained earnings statement for2020.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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