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Cullumber Corporation's capital structure consists of 50,000 shares of common stock. At December 31. 2025 an analysis of the accounts and discussions with company ofcials
Cullumber Corporation's capital structure consists of 50,000 shares of common stock. At December 31. 2025 an analysis of the accounts and discussions with company ofcials revealed the following information: Sales revenue $1,204,000 Discontinued operations loss (net of tax) 65.800 Selling expenses 128.400 Cash 59.200 Accounts receivable 90,700 Common stock 200.000 Cost of goods sold 698.000 Accumulated depreciation-machinery 184.000 Dividend revenue 7.100 Unearned service revenue 4.400 Interest payable 1,400 Land 362,000 Patents 106.000 Retained earnings. January 1, 2025 304.080 Interest expense 15.300 Administrative expenses 171.000 Dividends declared 22,200 Allowance for doubtful accounts 5300 Notes payable (maturity 7/1/28) 184,000 Machinery 460.000 Materials 39,600 Accounts payable 64,400 The amount of income taxes applicable to income was $59,520, excluding the tax effect of the discontinued operations loss, which amounted to $28,200.Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. $5.25.) CULLUMBER CORPORATION INCOME STATEMENT Vv v V Earnings per share of common stock: v $ $V Dividends Declared Gross Profit / (Loss) Income Before Income Taxes Income from Continuing Operations Net Income / (Loss) Operating Expenses Operating Income Other Revenue and Expense Retained Earnings, December 31, 2025 Retained Earnings, January 1, 2025 Sales Revenue Total Operating ExpensesW Administrative Expenses Cost of Goods Sold Discontinued Operations Loss Dividend Revenue Income Taxes Interest Expense Interest Revenue Investment Revenue Selling Expenses
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