(Answered) Question - multiple-step income retained earningspresented

Accounting

Question - Multiple-step Income, Retained Earnings

Presented below is information related to Dickinson Company for 2010.

Retained earnings balance, January 1, 2010 $980,000

Sales for the year 25,000,000

Cost of goods sold 16,000,000

Interest revenue 70,000

Selling and administrative expenses 4,700,000

Write-off of goodwill (not tax deductible) 820,000

Income taxes for 2010 1,244,000

Gain on the sale of investments (normal recurring) 110,000

Loss due to flood damage-extraordinary item (net of tax) 390,000

Loss on the disposition of the wholesale division (net of tax) 440,000

Loss on operations of the wholesale division (net of tax) 90,000

Dividends declared on common stock 250,000

Dividends declared on preferred stock 80,000

Required - Prepare a multiple-step income statement and a retained earnings statement. 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 2010, there were 500,000 shares of common stock outstanding all year.

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