Presented below is a combined single-step income and retained earnings statement for Hardrock Min...
Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 2017.
| Statement of Income and Retained Earnings for the Year Ended December 31, 2017 | |||
| ($ in 000) | |||
| Net sales | $ | 5,281,954 | |
| Costs and expenses | |||
| Cost of products sold | 4,765,505 | ||
| Marketing, administrative, and other expenses | 193,147 | ||
| Interest expense | 17,143 | ||
| Other, net | 54,529 | ||
| Total expenses before taxes | 5,030,324 | ||
| Earnings before income taxes | 251,630 | ||
| Provision for income taxes | (75,489 | ) | |
| Net income | 176,141 | ||
| Retained earnings at 1/1/17 | 3,046,660 | ||
| Dividends on common stock | (100,000 | ) | |
| Retained earnings at 12/31/17 | $ | 3,122,801 | |
Additional facts gleaned from notes to Hardrock’s financial statement follow (amounts in $000):
- Other, net for 2017 included a corporate restructuring charge of $8,777 and a profit of $12,000 on discontinued operations. The remainder of the category is composed of investment losses.
- Marketing, administrative, and other expenses for 2017 included a loss on currency translation of $55.
- All of these transactions were subject to Hardrock’s income tax rate of 30%.
- Hardrock disclosed earnings per share data only in the notes to the financial statements. The company had 10,000,000 shares of common stock outstanding throughout 2017.
Required:
Recast this single-step combined income statement and retained earnings statement as a multiple-step income statement in appropriate form. Include appropriate per share amounts. (Round your answers to 2 decimal places under "Earnings per common share:".)
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Presented below is a combined single-step income and retained earnings statement for Hardrock Min...
Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for...
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