Business, 18.09.2021 23:10 Frostbite9371
The following information is related to Swifty Company for 2020.
Retained earnings balance, January 1, 2020 $921,200
Sales Revenue 23,500,000
Cost of goods sold 15,040,000
Interest revenue 65,800
Selling and administrative expenses 4,418,000
Write-off of goodwill 770,800
Income taxes for 2020 1,169,360
Gain on the sale of investments 103,400
Loss due to flood damage 366,600
Loss on the disposition of the wholesale division (net of tax) 413,600
Loss on operations of the wholesale division (net of tax) 84,600
Dividends declared on common stock 235,000
Dividends declared on preferred stock 75,200
Swifty Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Swifty sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.
Required:
Prepare a multiple-step income statement.
Answers: 1
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The following information is related to Swifty Company for 2020.
Retained earnings balance, Januar...
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