P3.1 (LO 1, 2, 3) (Multiple-Step Statement, Retained Earnings Statement) The following infor- mation is related to Dickinson Company for 2025. Retained earnings balance, January 1, 2025 Sales revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2025 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock $ 980,000 25,000,000 16,000,000 70,000 4,700,000 820,000 1,244,000 110,000 390,000 440,000 90,000 250,000 80,000 Dickinson Company decided to discontinue its entire wholesale operations (considered a discontinued oper- ation) and to retain its manufacturing operations. On September 15, Dickinson sold the wholesale operations to Rogers Company. During 2025, there were 500,000 shares of common stock outstanding all year. Instructions Prepare a multiple-step income statement and a retained earnings statement.

P3.1 (LO 1, 2, 3) (Multiple-Step Statement, Retained Earnings Statement) The following infor- mation is related to Dickinson Company for 2025. Retained earnings balance, January 1, 2025 Sales revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2025 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock $ 980,000 25,000,000 16,000,000 70,000 4,700,000 820,000 1,244,000 110,000 390,000 440,000 90,000 250,000 80,000 Dickinson Company decided to discontinue its entire wholesale operations (considered a discontinued oper- ation) and to retain its manufacturing operations. On September 15, Dickinson sold the wholesale operations to Rogers Company. During 2025, there were 500,000 shares of common stock outstanding all year. Instructions Prepare a multiple-step income statement and a retained earnings statement.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2RE: Refer to RE5-1. Prepare a single-step income statement for Brandt Corporation for the current year.

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Refer to RE5-1. Prepare a single-step income statement for Brandt Corporation for the current year.
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