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
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
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 |
|
50,600 | |||
|
Selling expenses
|
59,800 |
Casualty loss
|
46,000 | |||
|
Administrative expenses
|
44,160 |
Cash dividends declared
|
41,400 | |||
|
Dividend revenue
|
18,400 |
|
901,600 | |||
|
Interest revenue
|
6,440 |
Effective tax rate of 20% on all items
|
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