Presented below is information related to Sheridan Corp. for the year 2020. The information is meant for a multiple-step income statement for 2020. Assume that 69,920 shares if common stock are outstanding for the entire year. Net sales $ 1,196,000 Write-off of inventory due to obsolescence $ 73,600 Cost of goods sold 717,600 Depreciation expense omitted by accident in 2019 50,600 Selling expenses 59,800 Casualty loss 46,000 Administrative expenses 44,160 Cash dividends declared 41,400 Dividend revenue 18,400 Retained earnings at December 31, 2019 901,600 Interest revenue 6,440 Effective tax rate of 20% on all items I had an income statement that for the most part was right that follows: SHERIDAN CORP. Income Statement For the Year Ended December 31, 2020 Revenue: Net Sales $1196000 COGS $717600 = Gross Profit $478400 Operating Expenses: Selling Exp $59800 Admin Exp $44160 = Total Operating Exp $103960 Income From Operations $374440 Other Revenues and Gains: Dividend Revenue $18400 Interest Revenue $6440 (Rev totals)=24840 (Income from operations + Revs)= $399280 Other Expenses and losses: Casualty Loss $46000 Write-off inventory due to obsolescence $73600 =119600 Income before income tax $(?) (?) $(?) Net income $223744 Earnings Per Common Share $3.20 **Can I get help with where I went wrong on the income statement... but also the retained earning statement?
Presented below is information related to Sheridan Corp. for the year 2020. The information is meant for a multiple-step income statement for 2020. Assume that 69,920 shares if common stock are outstanding for the entire year. Net sales $ 1,196,000 Write-off of inventory due to obsolescence $ 73,600 Cost of goods sold 717,600 Depreciation expense omitted by accident in 2019 50,600 Selling expenses 59,800 Casualty loss 46,000 Administrative expenses 44,160 Cash dividends declared 41,400 Dividend revenue 18,400 Retained earnings at December 31, 2019 901,600 Interest revenue 6,440 Effective tax rate of 20% on all items I had an income statement that for the most part was right that follows: SHERIDAN CORP. Income Statement For the Year Ended December 31, 2020 Revenue: Net Sales $1196000 COGS $717600 = Gross Profit $478400 Operating Expenses: Selling Exp $59800 Admin Exp $44160 = Total Operating Exp $103960 Income From Operations $374440 Other Revenues and Gains: Dividend Revenue $18400 Interest Revenue $6440 (Rev totals)=24840 (Income from operations + Revs)= $399280 Other Expenses and losses: Casualty Loss $46000 Write-off inventory due to obsolescence $73600 =119600 Income before income tax $(?) (?) $(?) Net income $223744 Earnings Per Common Share $3.20 **Can I get help with where I went wrong on the income statement... but also the retained earning statement?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Presented below is information related to Sheridan Corp. for the year 2020.
The information is meant for a multiple-step income statement for 2020. Assume that 69,920 shares if common stock are outstanding for the entire year.
|
Net sales
|
$ 1,196,000 |
Write-off of inventory due to obsolescence
|
$ 73,600 | |||
|---|---|---|---|---|---|---|
|
Cost of goods sold
|
717,600 |
|
50,600 | |||
|
Selling expenses
|
59,800 |
Casualty loss
|
46,000 | |||
|
Administrative expenses
|
44,160 |
Cash dividends declared
|
41,400 | |||
|
Dividend revenue
|
18,400 |
|
901,600 | |||
|
Interest revenue
|
6,440 |
Effective tax rate of 20% on all items
|
I had an income statement that for the most part was right that follows:
SHERIDAN CORP.
Income Statement
Income Statement
For the Year Ended December 31, 2020
Revenue:
Net Sales $1196000
COGS $717600
= Gross Profit $478400
Operating Expenses:
Selling Exp $59800
Admin Exp $44160
= Total Operating Exp $103960
Income From Operations $374440
Other Revenues and Gains:
Dividend Revenue $18400
Interest Revenue $6440
(Rev totals)=24840
(Income from operations + Revs)= $399280
Other Expenses and losses:
Casualty Loss $46000
Write-off inventory due to obsolescence $73600
=119600
Income before income tax $(?)
(?) $(?)
Net income $223744
Earnings Per Common Share $3.20
**Can I get help with where I went wrong on the income statement... but also the retained earning statement?
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