Dividends declared on common stock

Assignment Help Financial Accounting

Reference no: EM13913912

Presented below is pre-tax financial information of the Mickey Corporation for 20X8.

Cost of goods sold 21,000,000

Dividends declared on common stock 230,000

Dividends declared on preferred stock 80,000

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

Interest revenue 70,000

Loss due to flood damage (unusual & infrequent) 312,500

Loss on disposal of retail division 750,000

Loss on operations of retail division 1,150,000

Sales 30,000,000

Selling and administrative expenses 5,500,000

Write-off of goodwill 520,000

Federal income tax rate for 20X8 40.0%

Mickey Corporation decided to discontinue its retail operations and to retain its manufacturing operations. On August 15, Mickey sold the retail operations to Schoen Company.

During 2008, there were 250,000 shares of common stock outstanding all year.

Prepare a multiple-step income statement for the year 20X8 and be sure to include earnings per share.

Reference no: EM13913912

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