Reference no: EM132595573
Question - The following information is related to Windsor Company for 2017. Retained earnings balance, January 1, 2017 $ 998,500 Sales Revenue $ 26,110,000 Cost of goods sold $ 16,240,000 Interest revenue $ 77,200 Selling and administrative expenses $ 4,748,000 Write-off of goodwill $ 837,500 Income taxes for 2017 $ 1,254,000 Gain on the sale of investments $ 111,600 Loss due to flood damage $ 400,100 Loss on the disposition of the wholesale division (net of tax) $ 441,500 Loss on operations of the wholesale division (net of tax) $ 9,200 Dividends declared on common stock $ 251,800 Dividends declared on preferred stock $ 85,800 Windsor Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Windsor sold the wholesale operations to Rogers Company. During 2017, there were 494,700 shares of common stock outstanding all year.
1) Need to prepare a multiple step income statement
2) Need to prepare a retained earnings statement.
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