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 of common stock are outstanding. (Round earnings per share to 2 decimal places, e.g. 1.49.)
Prepare a separate retained earnings statement for 2017. (List items that increase adjusted retained earnings first.)

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ekkarill92 answered 1 year ago

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