Question

In: Accounting

The following information is related to Kingbird Company for 2017. Retained earnings balance, January 1, 2017...

The following information is related to Kingbird Company for 2017.

Retained earnings balance, January 1, 2017 $981,000
Sales Revenue 26,100,000
Cost of goods sold 16,100,000
Interest revenue 71,000
Selling and administrative expenses 4,710,000
Write-off of goodwill 821,000
Income taxes for 2017 1,254,000
Gain on the sale of investments 111,000
Loss due to flood damage 391,000
Loss on the disposition of the wholesale division (net of tax) 441,000
Loss on operations of the wholesale division (net of tax) 91,000
Dividends declared on common stock 251,000
Dividends declared on preferred stock 81,000


Kingbird Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Kingbird sold the wholesale operations to Rogers Company. During 2017, there were 490,000 shares of common stock outstanding all year.

Part 1

Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.49.)

Part 2

Prepare a retained earnings statement. (List items that increase retained earnings first.)

Solutions

Expert Solution


Related Solutions

The following information is related to Nash Company for 2017. Retained earnings balance, January 1, 2017...
The following information is related to Nash Company for 2017. Retained earnings balance, January 1, 2017 $983,980 Sales Revenue 26,111,200 Cost of goods sold 16,270,700 Interest revenue 78,300 Selling and administrative expenses 4,791,200 Write-off of goodwill 839,300 Income taxes for 2017 1,430,000 Gain on the sale of investments 112,800 Loss due to flood damage 399,900 Loss on the disposition of the wholesale division (net of tax) 456,100 Loss on operations of the wholesale division (net of tax) 97,110 Dividends declared...
The following information is related to Stellar Company for 2017. Retained earnings balance, January 1, 2017...
The following information is related to Stellar Company for 2017. Retained earnings balance, January 1, 2017 $993,230 Sales Revenue 26,284,300 Cost of goods sold 16,139,200 Interest revenue 79,400 Selling and administrative expenses 4,749,600 Write-off of goodwill 824,400 Income taxes for 2017 1,303,600 Gain on the sale of investments 119,300 Loss due to flood damage 397,000 Loss on the disposition of the wholesale division (net of tax) 451,900 Loss on operations of the wholesale division (net of tax) 88,730 Dividends declared...
The following information is related to Pronghorn Company for 2017. Retained earnings balance, January 1, 2017...
The following information is related to Pronghorn Company for 2017. Retained earnings balance, January 1, 2017 $985,470 Sales Revenue 26,100,500 Cost of goods sold 16,248,000 Interest revenue 76,300 Selling and administrative expenses 4,796,300 Write-off of goodwill 839,700 Income taxes for 2017 1,349,100 Gain on the sale of investments 115,500 Loss due to flood damage 398,800 Loss on the disposition of the wholesale division (net of tax) 451,200 Loss on operations of the wholesale division (net of tax) 91,620 Dividends declared...
The following information is related to Tamarisk Company for 2017. Retained earnings balance, January 1, 2017...
The following information is related to Tamarisk Company for 2017. Retained earnings balance, January 1, 2017 $997,920 Sales Revenue 26,276,500 Cost of goods sold 16,204,700 Interest revenue 80,500 Selling and administrative expenses 4,747,500 Write-off of goodwill 826,300 Income taxes for 2017 1,345,000 Gain on the sale of investments 117,800 Loss due to flood damage 391,000 Loss on the disposition of the wholesale division (net of tax) 446,800 Loss on operations of the wholesale division (net of tax) 86,050 Dividends declared...
The following information is related to Sandhill Company for 2017. Retained earnings balance, January 1, 2017...
The following information is related to Sandhill Company for 2017. Retained earnings balance, January 1, 2017 $984,980 Sales Revenue 26,208,100 Cost of goods sold 16,176,000 Interest revenue 80,400 Selling and administrative expenses 4,730,800 Write-off of goodwill 822,700 Income taxes for 2017 1,410,700 Gain on the sale of investments 118,000 Loss due to flood damage 398,500 Loss on the disposition of the wholesale division (net of tax) 443,800 Loss on operations of the wholesale division (net of tax) 93,420 Dividends declared...
The following information is related to Buffalo Company for 2017. Retained earnings balance, January 1, 2017...
The following information is related to Buffalo Company for 2017. Retained earnings balance, January 1, 2017 $997,830 Sales Revenue 26,123,300 Cost of goods sold 16,214,400 Interest revenue 78,400 Selling and administrative expenses 4,737,300 Write-off of goodwill 827,800 Income taxes for 2017 1,287,700 Gain on the sale of investments 113,900 Loss due to flood damage 397,600 Loss on the disposition of the wholesale division (net of tax) 457,400 Loss on operations of the wholesale division (net of tax) 96,820 Dividends declared...
Problem 4-1 The following information is related to Flint Company for 2017. Retained earnings balance, January...
Problem 4-1 The following information is related to Flint Company for 2017. Retained earnings balance, January 1, 2017 $989,040 Sales Revenue 26,170,900 Cost of goods sold 16,226,200 Interest revenue 77,000 Selling and administrative expenses 4,772,600 Write-off of goodwill 829,100 Income taxes for 2017 1,349,000 Gain on the sale of investments 117,100 Loss due to flood damage 392,900 Loss on the disposition of the wholesale division (net of tax) 455,300 Loss on operations of the wholesale division (net of tax) 93,560...
The following information is related to Whispering Company for 2020. Retained earnings balance, January 1, 2020$1,078,000...
The following information is related to Whispering Company for 2020. Retained earnings balance, January 1, 2020$1,078,000 Sales Revenue27,500,000 Cost of goods sold17,600,000 Interest revenue77,000 Selling and administrative expenses5,170,000 Write-off of goodwill902,000 Income taxes for 2020 1,368,400 Gain on the sale of investments121,000 Loss due to flood damage429,000 Loss on the disposition of the wholesale division (net of tax)484,000 Loss on operations of the wholesale division (net of tax)99,000 Dividends declared on common stock275,000 Dividends declared on preferred stock88,000 Whispering Company...
P4-1 (Multiple-Step Income, Retained Earnings) The following information is related to Dickinson Company for 2014.Retained earnings...
P4-1 (Multiple-Step Income, Retained Earnings) The following information is related to Dickinson Company for 2014.Retained earnings balance, January 1, 2014 $ 980,000Sales revenue 25,000,000Cost of goods sold 16,000,000Interest revenue 70,000Selling and administrative expenses 4,700,000Write-off of goodwill 820,000Income taxes for 2014 1,244,000Gain on the sale of investments (normal recurring) 110,000Loss due to fl ood damage—extraordinary item (net of tax) 390,00Loss on the disposition of the wholesale division (net of tax) 440,000Loss on operations of the wholesale division (net of tax) 90,000...
Presented below is information related to Armaco Company. Retained earnings, December 31, 2017 $ 650,000 Sales...
Presented below is information related to Armaco Company. Retained earnings, December 31, 2017 $ 650,000 Sales revenue 1,600,000 Selling and administrative expenses 290,000 Discontinued operations loss (pre-tax) 290,000 Cash dividends declared on common stock 33,600 Cost of goods sold 880,000 Gain resulting from computation error on depreciation charge in 2016 (pre-tax) 520,000 Other revenue 120,000 Other expenses 100,000 Instructions Prepare in good form a multiple-step income statement for the year 2018. Assume a 30% tax rate and that 80,000 shares...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT