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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.
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