Reference no: EM13101011
Prepare a Multi-step Income Statement for DFG company using the following data related to the operations of Jan. 1 Dec, 31, 2013 period.
Tax rate 35%.
Sales revenue $3,450,000
Sales Commission expense 245,000
Utilities Expense 90,000
Cost of the Goods sold 1,320,000
Depreciation expense 240,000
Salaries and wages expanses 515,000
Supplies expense 180,000
Loss from extra-ordinary items $260,000
Loss from Discontinued operation 300,000
Report: Gross Margin, Income from operations, Income tax, Net Income from operations (after tax), Loss from extraordinary items-net of tax. Loss from discounted operations-net of tax. Net income.
6. Prepare Retained Earning statement of BNM Company for Dec. 31, 2013 from the following information:
Retained earnings, Jan 1, 2013 $2,340,000
Dividends paid during 2013 550,000
Net Income of 2013 1,234,000
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