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Prepare a corporate income statement in good form

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Question - Income Statement and Retained earnings Statement. The following information is available for Wrina Corporation for the year ennded December 31,2016: Beginning retained earnings is $340,000, Cost of goods sold is 620,000, Declared cash dividends is 50,000, Operating expenses 170,000, Other expenses and losses- 40,000, Other revenues and gains-60,000, Sales revenue- 1,000,000, Tax rate is 30%.

1. Prepare a corporate income statement in good form.

2. Prepare a retained earnings statement for the year.

Reference no: EM132064117

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