Presented below is information related to Whispering Corp. for the year 2020. Net sales $1,300,000 Write-off...

Presented below is information related to Whispering 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 60,800 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.)

Expert Solution

ekkarill92 answered 1 year ago

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