Problemprepare a multiple step income statemetn and a, Ask an Expert

Accounting

Problem:

Prepare a multiple step income statemetn and a retained earnings statement foDickinson Company decided to discountinue its enture whorlesale operations and the retain its manufacturing operations. On September 15, Dickenson sold the wholesale operations to Rogers Company. Durng 2012, there were 500,000 shares of common stock oustanding all years.

Retained earnings balance Jan 1, 2012 : 980,000
Sales Revenue : 25,000,000
Cost of Goods Solf 16,000,000
Interest Revenue 70,000
Selling and Admin 4,700,000
Write off od Goodwill 820,00
Income taxes for 2012 1,244,000
Gain on sale of investment (normal recurring) 110,000
Loss due to flood (extradoniry item (net of tax: 390,000
Loss of disposition of the wholesale division (net of tax) 440,000
Loss o operations of the wholesale division (net of tax) 90,000
Dividends declared on common stock 250,000
Dividends declads on preferred stock 80,000

Note: Provide support for your rationale.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165627

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - lopez company purchased goods with the following

Question - Lopez Company purchased goods with the following terms and details: Sales price, $5,000 Terms, 1/10, n/30 Date of sale, March 8 Date of payment, March 19 Returns and allowances (before payment), $200 Shipping, ...

Question as a financial consultant you have contracted with

Question: As a financial consultant, you have contracted with Wheel Industries to evaluate their procedures involving the evaluation of long term investment opportunities. You have agreed to provide a detailed report ill ...

Question - cosos internal control - integrated framework

Question - COSO's Internal Control - Integrated Framework discusses technology general controls and application controls. What are technology general controls and application controls? How do technology general controls ...

Question - the community college instructor has asked for

Question - The community college instructor has asked for your help again. He or she wants you to personally create a document he or she could give to students. Write an 875 to 1,050-word paper in which you: Analyze the ...

Question using the readings about the differences between

Question: Using the readings about the differences between managers and leaders, and grounded in strategic planning, how can one take a leadership role in making yours a plan that works? The response must be typed, singl ...

Question - good cash management is an essential job of the

Question - Good cash management is an essential job of the financial manager! You own a small auto sales business called King Kars. You stock up on inventory in February, April, June, and September. Your annual cash budg ...

Question - jennifer is a cpa and a single taxpayer using

Question - Jennifer is a CPA and a single taxpayer using the standard deduction. In 2018, her CPA practice generates net income of $162,000 and she has no other income or losses. Jennifer's taxable income before the QBI ...

Question - ross company had the following inventory at the

Question - Ross Company had the following inventory at the end of the year: Quantity Unit Price Cost Market Valves: Model Q 180 $11 $9 Model R 150 10 12 Model S 120 7 9 Gaskets: Model Alpha 60 100 105 Model ...

Question - various financial ratios could be used to

Question - Various financial ratios could be used to analyse a company's financial performance and position. a) What ratios would you calculate to evaluate a company's profitability? Provide two examples of the ratios an ...

Question - what are the steps for finding the rate of

Question - What are the steps for finding the rate of return stock is $26.1 a share. Dividend is increased by 8 percent annually and the next dividend is expected to be $1.8.

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert