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Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.49.) Sales Revenue Cost of Goods Sold Gross Profit/(Loss) SPLISH COMPANY Income Statement December 31, 2020 $ 34000000 (21760000) 12240000

Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.49.) Sales Revenue Cost of Goods Sold Gross Profit/(Loss) SPLISH COMPANY Income Statement December 31, 2020 $ 34000000 (21760000) 12240000

FINANCIAL ACCOUNTING
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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Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.49.) Sales Revenue Cost of Goods Sold Gross Profit/(Loss) Selling and Administrative Expenses Income from Operations Other Revenues and Gains Interest Revenue Gain on the Sale of Investments Other Expenses and Losses Write-off of Goodwill Net Income /(Loss) SPLISH COMPANY Income Statement December 31, 2020 $ $ 95200 149600 $ $ $ $ 34000000 (21760000) 12240000 (6392000) 5848000 244800 2034560
Transcribed Image Text:Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.49.) Sales Revenue Cost of Goods Sold Gross Profit/(Loss) Selling and Administrative Expenses Income from Operations Other Revenues and Gains Interest Revenue Gain on the Sale of Investments Other Expenses and Losses Write-off of Goodwill Net Income /(Loss) SPLISH COMPANY Income Statement December 31, 2020 $ $ 95200 149600 $ $ $ $ 34000000 (21760000) 12240000 (6392000) 5848000 244800 2034560
The following information is related to Splish Company for 2020. Retained earnings balance, January 1, 2020 Sales Revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2020 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 $1,332,800 34,000,000 21,760,000 95,200 6,392,000 1,115,200 1,691,840 149,600 530,400 598,400 122,400 340,000 108,800 Splish Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Splish sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.
Transcribed Image Text:The following information is related to Splish Company for 2020. Retained earnings balance, January 1, 2020 Sales Revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2020 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 $1,332,800 34,000,000 21,760,000 95,200 6,392,000 1,115,200 1,691,840 149,600 530,400 598,400 122,400 340,000 108,800 Splish Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Splish sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.
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