Make a multiple-step income statement

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Reference no: EM13219005

Presented below is financial information of the Lilley Corporation for 2008

Beginning Retained Earnings, 1/1/08 $950,000

Gain on the Sale of Investments (normal recurring) $110,000

Sales for the Year $30,000,000

Loss Due to Flood Damage (unusual & infrequent) $125,000*

Cost of Goods Sold $21,000,000

Loss on Disposal of Retail Division $450,000*

Interest Revenue $70,000

Loss on Operations of Retail Division $460,000*

Selling and Administrative Expenses 5,500,000

Dividends Declared on Common Stock $230,000

Write-Off of Goodwill $520,000

Dividends Declared on Preferred Stock $80,000

Federal Income Tax on Operations for 2008 1,600,000

*net of tax

Lilley Corporation decided to discontinue its retail operations and to retain its manufacturing operations. On August 15, Lilley sold the retail operations to Schoen Company. During 2008, there were 250,000 shares of common stock outstanding all year.

Directions: Prepare a multiple-step income statement for the year 2008 on a separate Excel spreadsheet as directed in the Problem Set 1 directions.

Reference no: EM13219005

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