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Multiple-step income statement of bruce van company

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Reference no: EM13140670

Presented below is information related to Bruce Van Company.

Retained earnings, December 31, 2010 $ 650,000

Sales 1,400,000

Selling and administrative expenses 240,000

Hurricane loss (pre-tax) on plant (extraordinary item) 290,000

Cash dividends declared on common stock 33,600

Cost of goods sold 780,000

Gain resulting from computation error 520,000 on depreciation charge in 2009(pre-tax)

Other revenue 120,000

Other expenses 100,000

Instructions

Prepare in good form a multiple-step income statement for the year 2011. Assume a 30% tax rate and that 80,000 shares of common stock were outstanding during the year.

Reference no: EM13140670

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