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Prepare in good form a multiple-step income statement

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Reference no: EM131782809

Question related to Johnson Company for the year ended December 31, 2016, follows.

Cost of Goods Sold

mce_markernbsp;70,000

Dividends Declared

5,000

Flood Loss (pre-tax)

12,000

General Expense

8,000

Other Income

9,000

Other Expense

11,000

Retained Earnings, January 1, 2010

116,000

Sales

131,000

Selling Expense

7,000

(Required)

  1. Prepare in good form a multiple-step income statement for the year 2016. Assume a 50% tax rate.
  2. Compute Basic Earnings Per Share for the year 2016. Assume a that 5,000 shares of common stock were outstanding during the year.

Reference no: EM131782809

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