Presented below is information related to Ivan Calderon Corp. for the year 2020.
Net sales |
$1,300,000 |
Write-off of inventory due to obsolescence |
$80,000 | |||
---|---|---|---|---|---|---|
Cost of goods sold |
780,000 |
Depreciation expense omitted by accident in 2019 |
55,000 | |||
Selling expenses |
65,000 |
Casualty loss |
50,000 | |||
Administrative expenses |
48,000 |
Cash dividends declared |
45,000 | |||
Dividend revenue |
20,000 |
Retained earnings at December 31, 2019 |
980,000 | |||
Interest revenue |
7,000 |
Effective tax rate of 20% on all items |
Prepare a multiple-step income statement for 2020. Assume that 60,000 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.)
Prepare a separate retained earnings statement for 2020. (List items that increase adjusted retained earnings first.)
Presented below is information related to Ivan Calderon Corp. for the year 2020. Net sales $1,300,000...
Need help finishing the income
statement, please!
Presented below is information related to Ivan Calderon Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,300,000 780,000 65,000 48,000 20,000 7,000 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss Cash dividends declared Retained earnings at December 31, 2019 Effective tax rate Common shares outstanding $80,000 55,000 50,000 45,000 980,000 20% 60,000 Instructions: Prepare a...
Exercise 4-9 Presented below is information related to Ivan Calderon Corp. for the year 2017, Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,300,000 780,000 65,000 48,000 20,000 7,000 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2016 Casualty loss Cash dividends declared Retained earnings at December 31, 2016 Effective tax rate of 34% on all items $80,000 55,000 50,000 45,000 980,000 Prepare a multiple-step income statement for 2017. Assume...
Presented below is information related to Concord Corp. for the year 2020. Net sales $1,144,000 Write-off of inventory due to obsolescence $70,400 Cost of goods sold 686,400 Depreciation expense omitted by accident in 2019 48,400 Selling expenses 57,200 Casualty loss 44,000 Administrative expenses 42,240 Cash dividends declared 39,600 Dividend revenue 17,600 Retained earnings at December 31, 2019 862,400 Interest revenue 6,160 Effective tax rate of 20% on all items Prepare a multiple-step income statement for 2020. Assume that 66,880 shares...
Presented below is information related to Waterway Corp. for the year 2020. Net sales $1,508,000 Write-off of inventory due to obsolescence $92,800 Cost of goods sold 904,800 Depreciation expense omitted by accident in 2019 63,800 Selling expenses 75,400 Casualty loss 58,000 Administrative expenses 55,680 Cash dividends declared 52,200 Dividend revenue 23,200 Retained earnings at December 31, 2019 1,136,800 Interest revenue 8,120 Effective tax rate of 20% on all items Partially correct answer iconYour answer is partially correct. Prepare a multiple-step...
Presented below is information related to Metlock Corp. for the
year 2020.
Net sales
$1,274,000
Write-off of inventory due to obsolescence
$78,400
Cost of goods sold
764,400
Depreciation expense omitted by accident in 2019
53,900
Selling expenses
63,700
Casualty loss
49,000
Administrative expenses
47,040
Cash dividends declared
44,100
Dividend revenue
19,600
Retained earnings at December 31, 2019
960,400
Interest revenue
6,860
Effective tax rate of 20% on all items
Prepare a multiple-step income statement for 2020. Assume that
59,584 shares...
Exercise 4-09 Presented below is information related to Blue Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,586,000 951,600 79,300 58,560 24,400 8,540 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss Cash dividends declared Retained earnings at December 31, 2019 Effective tax rate of 20% on all items $97,600 67,100 61,000 54,900 1,195,600 Prepare a multiple-step income statement for 2020. Assume that...
Presented below is information related to Coronado Corp. for the year 2020. Net sales $1,326,000 Write-off of inventory due to obsolescence $81.600 Cost of goods sold 795,600 Depreciation expense omitted by accident in 2019 56,100 66,300 Casualty loss 51.000 Selling expenses Administrative expenses Cash dividends declared 45.900 Dividend revenue 48.960 20.400 7.140 999.600 Retained earnings at December 31, 2019 Effective tax rate of 20% on all items Interest revenue Prepare a multiple-step income statement for 2020. Assume that 62.016 shares...
Presented below is information related to Blossom Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,612,000 967.200 80,600 59.520 24,800 8.680 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss Cash dividends declared Retained earnings at December 31, 2019 Effective tax rate of 20% on all items $99,200 68.200 62,000 55,800 1.215.200 Prepare a multiple-step income statement for 2020. Assume that 94.240 shares...
Presented below is information related to Ivan Calderon Corp. for the year ended December 31, 2020. Tim Mattke Company began operations in 2018 and adopted weighted-average method for inventory. In 2020, in accordance with other companies in its industry, Tim Mattke changed its inventory policy to FIFO. Financial statement data is as follows. Pretax Income Year Weighted Average FIFO Income Tax Rate Dividends Declared 2018 $ 370,000 $ 395,000 20% $ 0 2019 390,000 430,000 20% 100,000 2020 410,000 450,000...
Exercise 4-9 Presented below is information related to Pearl Corp. for the year 2017. Net sales $1,392,100 Write-off of inventory due to obsolescence $81,030 Cost of goods sold 780,300 Depreciation expense omitted by accident in 2016 45,000 Selling expenses 74,600 Casualty loss 51,800 Administrative expenses 52,500 Cash dividends declared 41,740 Dividend revenue 27,800 Retained earnings at December 31, 2016 889,370 Interest revenue 7,120 Effective tax rate of 34% on all items Prepare a multiple-step income statement for 2017. Assume that...