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Need help finishing the income statement, please! Presented below is information related to Ivan Calderon Corp. for the year 2020. Net sales Cost of goods
Need help finishing the income statement, please!
Presented below is information related to Ivan Calderon Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,300,000 780,000 65,000 48,000 20,000 7,000 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 Common shares outstanding $80,000 55,000 50,000 45,000 980,000 20% 60,000 Instructions: Prepare a multiple-step income statement. Round earnings per share to 2 decimal places. Ivan Calderon Cop. Income Statement For Year Ended December 31, 2020 Net Sales COGS 1,300,00 (780,000) 520,000 65,000 48,000 Gross Profit Operating Expenses Selling Expenses Administrative Expenses Total Operating Expenses Income from Operations Other revenues, expenses, gains, and losses: Dividend Revenue 113,000 407,000 Interest Revenue 20,000 (7,000) (50,000) (80,000) Casualty Loss Write-off of inventoryStep by Step Solution
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