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SMITH HAS THE FOLLOWING 2019 DATA: 1) CUSTOMER SALES 650,000 2) COGS (155,000) 3) SELLING, GENERAL & ADMINISTRATIVE (30,000) EXPENSES 4) RESEARCH & DEVELOPMENT (20,000)
SMITH HAS THE FOLLOWING 2019 DATA: 1) CUSTOMER SALES 650,000 2) COGS (155,000) 3) SELLING, GENERAL & ADMINISTRATIVE (30,000) EXPENSES 4) RESEARCH & DEVELOPMENT (20,000) 5) INTEREST EXPENSE (5,000) 6) LOSS FROM DISONTINUED OPS (12,000) 7) GAIN ON DISPOSAL OF DISCONTINUED OPS 4,000 8) DIVIDEND AND INTEREST INCOME 2,500 9) INVENTORY OBSOLESCENSE WRITE-OFF (2,700) 10) OVERSTATEMENT OF P/Y DEPRECIATION 2,900 11) CASH DIVIDEND DECLARED 50,000 12) BEGINNING RETAINED EARNINGS 350,000 13) TAX RATE 21.00% 14) COMMON STOCK OUTSTANDING 400,000 REQUIRED: IDENTIFY THE FOLLOWING: EPS FROM CONTINUING OPERATIONS (5 POINTS) [ Select] EPS FROM DISCONTINUED OPERATIONS (5 POINTS) [Select] WHAT IS RETAINED EARNINGS AT 12/31/19? (5 POINTS) [Select)
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