Question
Shown below is information gathered by Forest Co.for year ending December 31, 2020. All numbers given below are before taxes. Sales revenue Cost of goods
Shown below is information gathered by Forest Co.for year ending December 31, 2020. All numbers given below are before taxes. Sales revenue Cost of goods sold 770,000 -269,500 Administrative expenses -53,900 Interest expense -10,780 Loss on discontinuing a division -69,300 Major fire loss -17,000 Dividend revenue 9,000 Dividends paid Unrealized gains: FV-OCI investments -66,000 21,600 Forest has 50,000 common shares outstanding and has a 20% income tax rate on all tax-related items. Calcuate the following amounts as they would appear on a multiple-step income statement for 2020 for Forest Corporation. Gross Profit Income from operations Income from continuing operations Net income Comprehensive income Earnings per share round to two decimal places
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