The effective corporate tax rate is 30 percent the company

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Reference no: EM13578778

The following pretax amounts pertain to Spartan Corp. for the year ended december 31, 2014

sales - 400,000

operating expense - 84,000

extraordinary gain - 30,000

interest expense - 4,000

cost of goods sold - 280,000

gain on sale of equipment - 10,000

prior period adjustment - (16,000)

gain on disposal - of business component - 30,000

retained earning, january 1, 2014 - 1,600,000

dividends declared - 12,000

The effective corporate tax rate is 30 percent. the company had 10,000 shares of common stock outstanding for the entire year

1. Prepare a multiple step income statement for year ended december 31, 2014

2. prepare a retained earning statement for year ended december 31, 2014 the following pretax amounts pertain to Spartan Corp. for the year ended december 31, 2014

sales - 400,000

operating expense - 84,000

extraordinary gain - 30,000

interest expense - 4,000

cost of goods sold - 280,000

gain on sale of equipment - 10,000

prior period adjustment - (16,000)

gain on disposal - of business component - 30,000

retained earning, january 1, 2014 - 1,600,000

dividends declared - 12,000

The effective corporate tax rate is 30 percent. the company had 10,000 shares of common stock outstanding for the entire year

1. Prepare a multiple step income statement for year ended december 31, 2014

2. prepare a retained earning statement for year ended december 31, 2014

Reference no: EM13578778

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