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Exercise 4-09 Presented below is information related to Blue Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend
Exercise 4-09 Presented below is information related to Blue Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,586,000 951,600 79,300 58,560 24,400 8,540 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss Cash dividends declared Retained earnings at December 31, 2019 Effective tax rate of 20% on all items $97,600 67,100 61,000 54,900 1,195,600 Prepare a multiple-step income statement for 2020. Assume that 74,176 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.) BLUE CORP. Income Statement Prepare a separate retained earnings statement for 2020. (List items that increase adjusted retained earnings first.) BLUE CORP. Retained Earnings Statement Click if you would like to Show Work for this question: Open Show Work
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