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The following information is related to Dickinson Company for 2014.

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Question;The following information is related to Dickinson Company for 2014.Retained earnings balance, January 1, 2014 $997,600Sales Revenue 26,170,000Cost of goods sold 16,106,000Interest revenue 74,100Selling and administrative expenses 4,712,000Write-off of goodwill 828,100Income taxes for 2014 1,434,000Gain on the sale of investments (normal recurring) 111,900Loss due to flood damage?extraordinary item (net of tax) 397,900Loss on the disposition of the wholesale division (net of tax) 458,300Loss on operations of the wholesale division (net of tax) 92,100Dividends declared on common stock 254,300Dividends declared on preferred stock 84,000Dickinson 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#37904 | Written in 18-Jul-2015

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