Reference no: EM132683156
Presented below is information related to Dykstra Dorms for 2020.
Sales revenue $1,400,000
Selling and administrative expenses $240,000
Loss on impairment of plant assets $70,000
Cost of goods sold $730,000
Gain on disposal on a discontinued component of the business $520,000
Dividend revenue $120,000
Restructuring charge (due to company reorganization) $100,000
Sales discounts $23,000
Sales returns $15,000
General expenses $30,000
Weighted average common stock outstanding (only class of stock) 200,000 shares
Income tax rate 35%
Instructions:
Problem 1: Prepare a multiple-step income statement in accordance with generally accepted accounting principles.