Question
Presented below is information related to Concord Corp. for the year 2020. Net sales $1,144,000 Write-off of inventory due to obsolescence $70,400 Cost of goods
Presented below is information related to Concord Corp. for the year 2020. Net sales $1,144,000 Write-off of inventory due to obsolescence $70,400 Cost of goods sold 686,400 Depreciation expense omitted by accident in 2019 48,400 Selling expenses 57,200 Casualty loss 44,000 Administrative expenses 42,240 Cash dividends declared 39,600 Dividend revenue 17,600 Retained earnings at December 31, 2019 862,400 Interest revenue 6,160 Effective tax rate of 20% on all items Prepare a multiple-step income statement for 2020. Assume that 66,880 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.)
Prepare a separate retained earnings statement for 2020
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