Problem I (20 points)-Multiple-step income statement--Perpetual Inventory Presented below is information related to Tim Company for the year ending 12/31/2013 1.100,000 Cash dividends declared on comunca stock . 40,000 st od goods sold Allowance for Accumulated Depreciation.......200,000 Dividend and Interest Revenue 50,000 Sales Retura and Allowance Unrealized Gains on Available tor Sale Securities Purchase of Equipmen 20.000 50,000 Sales 2.500,000 Loss resuling frn computation eor oa depreciation charge in 2011 pre-tax Dividends declared on prederred stocko0 100,000 . 35.000 00,000 Beginning Balance Retained Farings 90000 ....140,000 Assume a 30% tax rate and 100,000 shares of common stock were outstanding during the year. Ryan also purchased 1000 shares of Treasury Stock for 5200,000. Answer the following questions, and if possible please how all work Note that all accounts will not be used. . Net Sales 2. Gross Profi 1,340,000 Income From Operations 930,000 . Total Gains (Other Revenues) and Losses (Oxher Expenses S150,000 FOR QUESTION5, ASSUME NET INCONE BEFORE TAXES IS $400,000 . Net Income $70,000 FOR QUESTIONS 6 TO , ASSUMME NET INCONIE IS $300,000 6. Earnings Per Shane . Total Comprehensive Income 8. Eading Balance foe Cumulative Comprehensive Income . Beinning Retained Farnings $900,000 350,000 350,000 Ending Retained Eamings Problem I (20 points)-Multiple-step income statement--Perpetual Inventory Presented below is information related to Tim Company for the year ending 12/31/2013 1.100,000 Cash dividends declared on comunca stock . 40,000 st od goods sold Allowance for Accumulated Depreciation.......200,000 Dividend and Interest Revenue 50,000 Sales Retura and Allowance Unrealized Gains on Available tor Sale Securities Purchase of Equipmen 20.000 50,000 Sales 2.500,000 Loss resuling frn computation eor oa depreciation charge in 2011 pre-tax Dividends declared on prederred stocko0 100,000 . 35.000 00,000 Beginning Balance Retained Farings 90000 ....140,000 Assume a 30% tax rate and 100,000 shares of common stock were outstanding during the year. Ryan also purchased 1000 shares of Treasury Stock for 5200,000. Answer the following questions, and if possible please how all work Note that all accounts will not be used. . Net Sales 2. Gross Profi 1,340,000 Income From Operations 930,000 . Total Gains (Other Revenues) and Losses (Oxher Expenses S150,000 FOR QUESTION5, ASSUME NET INCONE BEFORE TAXES IS $400,000 . Net Income $70,000 FOR QUESTIONS 6 TO , ASSUMME NET INCONIE IS $300,000 6. Earnings Per Shane . Total Comprehensive Income 8. Eading Balance foe Cumulative Comprehensive Income . Beinning Retained Farnings $900,000 350,000 350,000 Ending Retained Eamings