Multiple-step income statement with discontinued operationsPresented below is information related to Ivan Calderon Corp. for the year ended December 31, 2021.Net sales$ 1,300,000 Loss on sale of intangible assets5,000Cost of goods soldSelling expenses780,000 Selling expenses understatement in 202055,00015,000 Common dividends declared45,000Administrative expenses47,000Preferred dividends declared50,000Dividend revenue20,000 Retained earnings, January 1980,0007,000 Effective tax rate50,000 Loss on discontinued operations, grossInterest revenue20%General expenses$45,000Restructuring charge$40,000 Common stock outstanding40,000 sharesInstructions: Prepare a multiple-step income statement. Round earnings per share to 2 decimal places.

note : Understatemaent selling expenses of last year are added in current year selling expenses.

Multiple-step income statement with discontinued operations Presented below is information related to Ivan Calderon Corp. for the year ended December 31, 2021. $ 1,300,000 Loss on sale of intangible assets 5,000 55,000 Net sales $ Cost of goods sold Selling expenses 780,000 Selling expenses understatement in 2020 15,000 Common dividends declared 47,000 45,000 Administrative expenses Preferred dividends declared 50,000 Dividend revenue Retained earnings, January 1 20,000 7,000 50,000 Loss on discontinued operations, gross $ 980,000 Interest revenue Effective tax rate 20% General expenses $ 45,000 Restructuring charge 40,000 Common stock outstanding 40,000 shares Instructions: Prepare a multiple-step income statement. Round earnings per share to 2 decimal places.

Multiple-step income statement with discontinued operations Presented below is information related to Ivan Calderon Corp. for the year ended December 31, 2021. $ 1,300,000 Loss on sale of intangible assets 5,000 55,000 Net sales $ Cost of goods sold Selling expenses 780,000 Selling expenses understatement in 2020 15,000 Common dividends declared 47,000 45,000 Administrative expenses Preferred dividends declared 50,000 Dividend revenue Retained earnings, January 1 20,000 7,000 50,000 Loss on discontinued operations, gross $ 980,000 Interest revenue Effective tax rate 20% General expenses $ 45,000 Restructuring charge 40,000 Common stock outstanding 40,000 shares Instructions: Prepare a multiple-step income statement. Round earnings per share to 2 decimal places.

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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