Business, 26.02.2020 05:53 evelynalper08

The following information is related to Kingbird Company for 2020.

Retained earnings balance, January 1, 2020 $1,274,000
Sales Revenue 32,500,000
Cost of goods sold 20,800,000
Interest revenue 91,000
Selling and administrative expenses 6,110,000
Write-off of goodwill 1,066,000
Income taxes for 2020 1,617,200
Gain on the sale of investments 143,000
Loss due to flood damage 507,000
Loss on the disposition of the wholesale division (net of tax) 572,000
Loss on operations of the wholesale division (net of tax) 117,000
Dividends declared on common stock 325,000
Dividends declared on preferred stock 104,000

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 2020, there were 500,000 shares of common stock outstanding all year.

1. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e. g. 1.49.)
2. Prepare a retained earnings statement.
(List items that increase retained earnings first.)

Answers: 3

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The following information is related to Kingbird Company for 2020.

Retained earnings ba...