Prepare income statement multi-step

Prepare statement of retained earnings

Olson Company's bookkeeper prepared the following income statement and retained earnings statement for the year ended December 31, 2016 December 31, 2016 Expense and Profits Statement Sales (net) Less: Selling expenses Net sales Add: Interest revenue Add: Gain on sale of equipment $196,000 (19,600) $176,400 2,300 3,200 $181,900 Gross sales revenues Less: Costs of operations: Cost of goods sold Correction of overstatement in last year's income because of error (net of $1,650 income tax credit) Dividend costs ($0.50 per share for 8,000 common shares) Unusual loss because of earthquake (net of $1,800 income tax credit) $120,100 3,850 4,000 4,200 (132,150) $49,750 (12,480) $37,270 Taxable revenues Less: Income tax on income from continuing operations Net income Miscellaneous deductions Loss from operations of discontinued Division L (net of $900 income tax credit) 2,100 Administrative expenses 16,800 (18,900) Net revenues $18,370 Check My Work HWK 5 eBook Loss from operations of discontinued Division L (net of $900 income tax credit) s 2,100 16,800 (18,900) Net revenues $18,370 Retained Revenues Statement For Year Ended December 31, 2016 Beginning retained earnings 59,300 Add: Gain on sale of Division L (net of $1,350 income taxes)3,150 $62,450 18,370 80,820 (3,400) $7,420 Recalculated retained earnings Add: Net revenues Less: Interest expense Ending retained eamings The preceding account balances are correct but have been incorrectly classified in certain instances. Assume the income tax amounts are correct and linked to the appropriate items Required: Prepare a corrected muitiple-step income statement for the year ended December 31, 2016 Round eanings per share computations to two decimal places. OLSON COMPANY Income Statement (Muti-Step) For Year Ended Docember 31, 2016 Check My Work All work saved. Save and Ex Aaalgement Score: 0 0% eBook Prepare a corrected multiple-step income statement for the year ended December 31, 2016. Round earnings per share computations to two decimal places OLSON COMPANY Income Statement (Multi-Step) For Year Ended December 31, 2016 Operating expenses Total operating expenses Other items Results from discontinued operations Check My Work Results from discontinued operations Components of Income EPS Prepare a statement of retained earnings for the year ended December 31, 2016. OLSON COMPANY Statement of Retained Earnings For Year Ended December 31, 2016 Check My Work