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Income Statement
September 15
Revenues | ||
Sales revenue | 27,500,000 | |
Cost of goods sold | -17,600,000 | |
Gross profit | 9,900,000 | |
Selling and administrative expenses | -5,170,000 | |
Operating profit | 4,730,000 | |
Other revenues and gain | ||
Interest revenue | 77,000 | |
Gain on the sale of investments | 121,000 | |
198,000 | ||
Other expenses and losses : | ||
Loss due to flood damage | -429,000 | |
Write-off of goodwill | -902,000 | |
-1,331,000 | ||
Profit before tax | 3,597,000 | |
Income tax expense | -1,368,400 | |
Net income from continuing operation | 2,228,600 | |
Discontinued operation : | ||
Loss on the disposition of the wholesale division | -484,000 | |
Loss on operations of the wholesale division | -99,000 | |
Net income | $1,645,600 | |
Earning per share [(Net income - Preferred dividend)/number of common share] [(1,645,600 - 88,000)/500,000] | $3.12 |
Statement of retained earning
Retained earning, Jan 1, 2020 | 1,078,000 |
Net income | 1,645,600 |
2,273,600 | |
Dividend on common stock | -275,000 |
Dividend on Preferred stock | -88,000 |
Retained earning, Dec 31, 2020 | $2,360,600 |
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Selling and administrative expenses
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