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Presented below is information related to Ivan Calderon Corp. for the year 2025. Net sales $1,560,000 Cost of goods sold 936,000 Selling expenses 78,000 Administrative
Presented below is information related to Ivan Calderon Corp. for the year 2025.
| Net sales | $1,560,000 | |
| Cost of goods sold | 936,000 | |
| Selling expenses | 78,000 | |
| Administrative expenses | 57,600 | |
| Dividend revenue | 24,000 | |
| Interest revenue | 8400 | |
| Write-off of inventory due to obsolescence | $96,000 | |
| Depreciation expense omitted by accident in 2024 | 66000 | |
| Casualty loss | 60,000 | |
| Cash dividends declared | 54,000 | |
| Retained earnings at December 31, 2024 | 1,176,000 | |
| Effective tax rate of all items | 20% |
Instructions
- Prepare a multiple-step income statement for 2025. Assume that 72960 shares of common stock are outstanding for the entire year.
- Prepare a separate retained earnings statement for 2025.
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ISE Managerial Accounting For Managers
Authors: Eric Noreen, Peter C. Brewer, Ray H. Garrison
5th Edition
1260570010, 9781260570014
