Solution-Prepare in good form a single step income statement

Prepare in good form a single step income statement

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Reference no: EM131800759

Problem

Single/Multiple-step income statement. (Worth 5 Points) Presented below is information related to Farr Company.

Retained earnings, December 31, 2012	$ 650,000
Sales revenue	1,400,000
Selling and administrative expenses	240,000
Hurricane loss (pre-tax) on plant (extraordinary item)	270,000
Cash dividends declared on common stock	33,600
Cost of goods sold	830,000
Gain resulting from computation error on depreciation charge in 2011 (pre-tax)	520,000
Other revenue	120,000
Other expenses	100,000

Instructions

Prepare in good form a single step / multiple-step income statement for the year 2013. Assume a 30% tax rate and that 80,000 shares of common stock were outstanding during the year.

Reference no: EM131800759

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Prepare in good form a single step income statement

Reference no: EM131800759

Reference no: EM131800759

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