Question
I need help putting the following information into an Income statement. Presented below is information related to D. B. Stanley Company for 2018. Retained earnings
I need help putting the following information into an Income statement.
Presented below is information related to D. B. Stanley Company for 2018.
Retained earnings balance, January 1, 2018 $539,000 Sales for the year 13,750,000 Cost of goods sold 9,350,000 Interest revenue 38,500 Selling and administrative expenses 2,585,000 Write-off of goodwill (not tax deductible) 451,000 Income taxes for 2018 497,750 Gain on the sale of investments (normal recurring) 60,500 Loss due to flood damage-extraordinary item (net of tax) 214,500 Loss on the disposition of the wholesale division (net of tax) 242,000 Loss on operations of the wholesale division (net of tax) 49,500 Dividends declared on common stock 137,500 Dividends declared on preferred stock 38,500
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