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Presented below is information related to Ivan Calderon Corp. for the year 2025. Net sales   $1,560,000 Cost of goods sold   936,000 Selling expenses   78,000 Administrative expenses   57,600 Dividend revenue   24,000 Interest revenue   8400 Write-off of inventory due to obsolescence   $96,000 Depreciation expense omitted by accident in 2024   66000 Casualty loss   60,000 Cash dividends declared   54,000 Retained earnings at December 31, 2024   1,176,000 Effective tax rate of all items   20%

Presented below is information related to Ivan Calderon Corp. for the year 2025. Net sales   $1,560,000 Cost of goods sold   936,000 Selling expenses   78,000 Administrative expenses   57,600 Dividend revenue   24,000 Interest revenue   8400 Write-off of inventory due to obsolescence   $96,000 Depreciation expense omitted by accident in 2024   66000 Casualty loss   60,000 Cash dividends declared   54,000 Retained earnings at December 31, 2024   1,176,000 Effective tax rate of all items   20%

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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Presented below is information related to Ivan Calderon Corp. for the year 2025.

Net sales   $1,560,000
Cost of goods sold   936,000
Selling expenses   78,000
Administrative expenses   57,600
Dividend revenue   24,000
Interest revenue   8400
Write-off of inventory due to obsolescence   $96,000
Depreciation expense omitted by accident in 2024   66000
Casualty loss   60,000
Cash dividends declared   54,000
Retained earnings at December 31, 2024   1,176,000
Effective tax rate of all items   20%

Instructions

  1. Prepare a multiple-step income statement for 2025. Assume that 72960 shares of common stock are outstanding for the entire year.
  2. Prepare a separate retained earnings statement for 2025.
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