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%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)
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 | |
| 66000 | ||
| Casualty loss | 60,000 | |
| Cash dividends declared | 54,000 | |
| 1,176,000 | ||
| Effective tax rate of all items | 20% |
Instructions
- Prepare a multiple-step income statement for 2025. Assume that 72960 shares of common stock are outstanding for the entire year.
- Prepare a separate retained earnings statement for 2025.
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