Description of this paper

Prepare a multiple-step income statement.




The following information is related to Dickinson Company for 2014.;Retained earnings balance, January 1, 2014 $997,600;Sales Revenue 26,170,000;Cost of goods sold 16,106,000;Interest revenue 74,100;Selling and administrative expenses 4,712,000;Write-off of goodwill 828,100;Income taxes for 2014 1,434,000;Gain on the sale of investments (normal recurring) 111,900;Loss due to flood damage?extraordinary item (net of tax) 397,900;Loss on the disposition of the wholesale division (net of tax) 458,300;Loss on operations of the wholesale division (net of tax) 92,100;Dividends declared on common stock 254,300;Dividends declared on preferred stock 84,000;Dickinson Company decided to discontinue its entire wholesale operations and to retain its manufacturing operations. On September 15, Dickinson sold the wholesale operations to Rogers Company. During 2014, there were 494,500 shares of common stock outstanding all year.;Collapse question part;(a1);Prepare a multiple-step income statement.;Prepare a single income statement


Paper#23687 | Written in 18-Jul-2015

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