Presented below is information related to 2020 for Sheridan Company. Retained earnings, December 31, 2019 Sales revenue Selling and administrative expenses Discontinued operations loss (pre-tax) Cash dividends declared on common stock Cost of goods sold Gain discovered in 2020, from error on depreciation charge in 2018 (pre-tax) Other revenue Other expenses $667,000 1,517,000 231,000 283,000 33,600 897,000 510,000 116,000 104,000 Prepare in good form a multiple-step income statement for the year 2020. Assume a 30% tax rate and that 80,000 shares of comm stock were outstanding during the year. (Round per share values to 2 decimal places, e.g. $1.58.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Presented below is information related to 2020 for Sheridan Company.
Retained earnings, December 31, 2019
Sales revenue
Selling and administrative expenses
Discontinued operations loss (pre-tax)
Cash dividends declared on common stock
Cost of goods sold
Gain discovered in 2020, from error on depreciation charge in 2018 (pre-tax)
Other revenue
Other expenses
$667,000
1,517,000
231,000
283,000
33,600
897,000
510,000
116,000
104,000
Prepare in good form a multiple-step income statement for the year 2020. Assume a 30% tax rate and that 80,000 shares of common
stock were outstanding during the year. (Round per share values to 2 decimal places, e.g. $1.58.)
Transcribed Image Text:Presented below is information related to 2020 for Sheridan Company. Retained earnings, December 31, 2019 Sales revenue Selling and administrative expenses Discontinued operations loss (pre-tax) Cash dividends declared on common stock Cost of goods sold Gain discovered in 2020, from error on depreciation charge in 2018 (pre-tax) Other revenue Other expenses $667,000 1,517,000 231,000 283,000 33,600 897,000 510,000 116,000 104,000 Prepare in good form a multiple-step income statement for the year 2020. Assume a 30% tax rate and that 80,000 shares of common stock were outstanding during the year. (Round per share values to 2 decimal places, e.g. $1.58.)
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