Presented below is information related to Ivan Calderon Corp. for the year 2020. Net sales $1,300,000...

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 Partially correct answer. Your answer is partially correct. Try again. 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.)

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ekkarill92 answered 1 year ago

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...

Presented below is information related to Bonita Corp. for the year 2017. Net sales $1,392,100 Write-off...

Presented below is information related to Bonita 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 1- Prepare a multiple-step income statement for 2017. Assume that 55,620...

Presented below is information related to Skysong Corp. for the year 2017. Net sales $1,397,100 Write-off...

Presented below is information related to Skysong Corp. for the year 2017. Net sales $1,397,100 Write-off of inventory due to obsolescence $84,330 Cost of goods sold 788,400 Depreciation expense omitted by accident in 2016 40,100 Selling expenses 68,000 Casualty loss 48,600 Administrative expenses 54,500 Cash dividends declared 43,270 Dividend revenue 21,400 Retained earnings at December 31, 2016 1,028,140 Interest revenue 8,830 Effective tax rate of 34% on all items Prepare a multiple-step income statement for 2017. Assume that 62,370 shares...

Presented below is information related to Donaldson Corp., for the year 2020. Prepare an income statement...

Presented below is information related to Donaldson Corp., for the year 2020. Prepare an income statement and answer the question below and other questions requiring the use of this income statement. Net sales $1,820,000 Cost of goods sold 1,240,000 Selling expenses 86,000 Administrative expenses 74,000 Dividend revenue 25,000 Interest revenue 20,000 Interest expense 50,000 Write-off of goodwill due to impairment 40,000 Depreciation expense omitted in 2018 105,000 Dividends declared 12,000 Effect on prior year’s of change in accounting principle (credit)...

Presented below is information related to Tobias Corp., for the year 2020. Required: Prepare a multiple-step...

Presented below is information related to Tobias Corp., for the year 2020. Required: Prepare a multiple-step Income Statement and Statement of Retained Earnings for 2020 in good form (with headings). Assume the 300,000 shares of common stock were outstanding during 2020. Administrative Expenses 70,000 Cost of Goods Sold 1,200,000 Depreciation Expense overstated in 2015 105,000 Dividend revenue 30,000 Dividends Declared 120,000 Effect on prior years of Change in Accounting Principle (credit) 220,000 Gain from sale of land in discontinued component...

Presented below is information related to Carla Corp., which sells merchandise with terms 2/10, net 60....

Presented below is information related to Carla Corp., which sells merchandise with terms 2/10, net 60. Carla Corp. records its sales and receivables net. July 1 Carla Corp. sold to Warren Harding Co. merchandise having a sales price of $15,000. 5 Accounts receivable of $14,300 (gross) are factored with Andrew Jackson Credit Corp. without recourse at a financing charge of 9%. Cash is received for the proceeds; collections are handled by the finance company. (These accounts were all past the...

presented below is information related to James Garfield Corp., which sells merchandise with terms 2/10, net...

presented below is information related to James Garfield Corp., which sells merchandise with terms 2/10, net 60. Garfield records its sales and receivables net. July 1 James Garfield Corp. sold to Warren Harding Co. merchandise having a sales price of $8,000. 5 Accounts receivable of $9,000 (gross) are factored with Andrew Jackson Credit Corp. without recourse at a financing charge of 9%. Cash is received for the proceeds; collections are handled by the finance company. (These accounts were all past...

Presented below is information related to Vaughn Corp., which sells merchandise with terms 2/10, net 60....

Presented below is information related to Vaughn Corp., which sells merchandise with terms 2/10, net 60. Vaughn Corp. records its sales and receivables net. July 1 Vaughn Corp. sold to Warren Harding Co. merchandise having a sales price of $18,000. 5 Accounts receivable of $14,800 (gross) are factored with Andrew Jackson Credit Corp. without recourse at a financing charge of 8%. Cash is received for the proceeds; collections are handled by the finance company. (These accounts were all past the...

Presented below is an aging schedule for the Ivan Company at December 31, 2020: Customer Balance...

Presented below is an aging schedule for the Ivan Company at December 31, 2020: Customer Balance Not Yet Due 1-30 past due 31-60 past due 61-90 past due Over 90 Culberson $24,000 $ 9,000 $15,000 Samsa 30,000 $30,000 Burks 50,000 5,000 5,000 $40,000 Greuel 38,000 $38,000 Others 120,000 72,000 35,000 13,000 $262,000 $107,000 $49,000 $28,000 $40,000 $38.000 % estimated uncollectible 3% 7% 12% 24% 60% Total estimated uncollectible $42,400 $3,210 $3,430 $3,360 $9,600 $22,800 At December 31 2020, the unadjusted...

Presented below is information related to equipment owned by Blossom Company at December 31, 2020. Cost...

Presented below is information related to equipment owned by Blossom Company at December 31, 2020. Cost $11,070,000 Accumulated depreciation to date 1,230,000 Expected future net cash flows 8,610,000 Fair value 5,904,000 Blossom intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $24,600. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the...

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