Solution-Prepare a multiple-step income statement

Prepare a multiple-step income statement

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Reference no: EM131763617

The following information is related to Culver Company for 2017.

Retained earnings balance, January 1, 2017	$993,500
Sales Revenue	26,295,800
Cost of goods sold	16,178,300
Interest revenue	77,200
Selling and administrative expenses	4,782,400
Write-off of goodwill	826,200
Income taxes for 2017	1,432,800
Gain on the sale of investments	118,300
Loss due to flood damage	391,200
Loss on the disposition of the wholesale division (net of tax)	454,100
Loss on operations of the wholesale division (net of tax)	94,950
Dividends declared on common stock	248,600
Dividends declared on preferred stock	82,060

Culver Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Culver sold the wholesale operations to Rogers Company. During 2017, there were 492,600 shares of common stock outstanding all year.

Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Reference no: EM131763617

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Prepare a multiple-step income statement

Reference no: EM131763617

Reference no: EM131763617

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