Problem 4-01 The following information is related to Swifty Company for 2020. Retained earnings balance, January 1, 2020 $921,200 Sales Revenue 23,500,000 Cost of goods sold 15,040,000 Interest revenue 65,800 Selling and administrative expenses 4,418,000 Write-off of goodwill 770,800 Income taxes for 2020 1,169,360 Gain on the sale of investments 103,400 Loss due to flood damage 366,600 Loss on the disposition of the wholesale division (net of tax) 413,600 Loss on operations of the wholesale division (net of tax) 84,600 Dividends declared on common stock 235,000 Dividends declared on preferred stock 75,200 Swifty Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Swifty sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. Your answer is partially correct. Try again. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.49.) SWIFTY COMPANY Income Statement For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold Gross Profit/ (LOSS) Selling and Administrative Expenses Income from Operations Other Revenues and Gains Interest Revenue Gain on the Sale of Investments Other Expenses and Losses Write-off of Goodwill Loss from Flood Damage X Income from Continuing Operations Before Income Tax Income Tax x =x x Income from Continuing Operations Discontinued Operations Loss on Operations, Net of Applicable Tax S Loss on Disposal, Net of Applicable Tax Net Income / (Loss) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare a retained earnings statement. (List items that increase retained earnings first.) SWIFTY COMPANY Retained Earnings Statement For the Year Ended December 31, 2020 Retained Earnings, January 1 Add Net Income / (Loss) Less Dividends-Common Stock Dividends-Preferred Stock X Retained Earnings, December 31 Click if you would like to Show Work for this question: Open Show Work List of Accounts Problem 4-01 Accumulated Depreciation-Equipment Administrative Expenses Bad Debt Expense Casualty loss Cost of Goods Sold Delivery Expense Depreciation Expense Entertainment Expense Equipment Gain on Sale of Plant Income Tax Expense Interest Expense Interest Revenue Loss from Earthquake Damage Maintenance and Repairs Expense Miscellaneous Selling Expenses Mortgage Payable Net Sales Office Expense Other Administrative Expenses Property Tax Expense Rent Revenue Salaries and Wages Expense Salaries and Wages Payable Sales Commission Sales Discounts Sales Returns and Allowances Sales Revenue Selling Expenses Telephone and Internet Expense Travel Expense