Business, 01.06.2021 01:00 nickp1233

The following information is related to Novak Company for 2020. Retained earnings balance, January 1, 2020 $1,352,400
Sales Revenue 34,500,000
Cost of goods sold 22,080,000
Interest revenue 96,600
Selling and administrative expenses 6,486,000
Write-off of goodwill 1,131,600
Income taxes for 2020 1,716,720
Gain on the sale of investments 151,800
Loss due to flood damage 538,200
Loss on the disposition of the wholesale
division (net of tax) 607,200
Loss on operations of the wholesale
division (net of tax) 124,200
Dividends declared on common stock 345,000
Dividends declared on preferred stock 110,400
Novak Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Novak sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.
(a) Prepare a multiple-step income statement.
(b) Prepare a retained earnings statement.

Answers: 1

Show answers

Other questions on the subject: Business

Business, 22.06.2019 12:50, montgomerykarloxc24x

You own 2,200 shares of deltona hardware. the company has stated that it plans on issuing a dividend of $0.42 a share at the end of this year and then issuing a final liquidating dividend of $2.90 a share at the end of next year. your required rate of return on this security is 16 percent. ignoring taxes, what is the value of one share of this stock to you today?

Answers: 1

continue

Business, 22.06.2019 15:30, graciemccain

On january 15, the end of the first biweekly pay period of the year, north company’s payroll register showed that its employees earned $32,000 of sales salaries. withholdings from the employees’ salaries include fica social security taxes at the rate of 6.2%, fica medicare taxes at the rate of 1.45%, $3,000 of federal income taxes, $772 of medical insurance deductions, and $260 of union dues. no employee earned > $7,000 in this first period. prepare the journal entry to record north company’s january 15 (employee) payroll expenses and liabilities.

Answers: 3

continue

Business, 22.06.2019 20:20, baby851

You are the cfo of a u. s. firm whose wholly owned subsidiary in mexico manufactures component parts for your u. s. assembly operations. the subsidiary has been financed by bank borrowings in the united states. one of your analysts told you that the mexican peso is expected to depreciate by 30 percent against the dollar on the foreign exchange markets over the next year. what actions, if any, should you take

Answers: 2

continue

Business, 22.06.2019 21:00, neylabaker7489

In a transportation minimization problem, the negative improvement index associated with a cell indicates that reallocating units to that cell would lower costs. truefalse

Answers: 1

continue

You know the right answer?

The following information is related to Novak Company for 2020. Retained earnings balance, January...