I need help with an income statement that I can't seem to get right....Presented below is information related to Sheridan Corp. for the year 2020.The information is meant for a multiple-step income statement for 2020. Assume that 69,920 shares if common stock are outstanding for the entire year.Net sales $ 1,196,000 Write-off of inventory due to obsolescence $ 73,600Cost of goods sold 717,600 Depreciation expense omitted by accident in 2019 50,600Selling expenses 59,800 Casualty loss 46,000Administrative expenses 44,160 Cash dividends declared 41,400Dividend revenue 18,400 Retained earnings at December 31, 2019 901,600Interest revenue 6,440 Effective tax rate of 20% on all items

An income statement is a financial report that indicates the revenue and expenses of a business. It…

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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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I need help with an income statement that I can't seem to get right....

Presented below is information related to Sheridan Corp. for the year 2020.

The information is meant for a multiple-step income statement for 2020. Assume that 69,920 shares if common stock are outstanding for the entire year.

Net sales	$ 1,196,000	Write-off of inventory due to obsolescence	$ 73,600
Cost of goods sold	717,600	Depreciation expense omitted by accident in 2019	50,600
Selling expenses	59,800	Casualty loss	46,000
Administrative expenses	44,160	Cash dividends declared	41,400
Dividend revenue	18,400	Retained earnings at December 31, 2019	901,600
Interest revenue	6,440	Effective tax rate of 20% on all items