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SMITH HAS THE FOLLOWING 2019 DATA: 1) CUSTOMER SALES 700,000 2) COGS (157,000) 3) SELLING, GENERAL & ADMINISTRATIVE EXPENSES (30,000) 4) RESEARCH & DEVELOPMENT (25,000)

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SMITH HAS THE FOLLOWING 2019 DATA: 1) CUSTOMER SALES 700,000 2) COGS (157,000) 3) SELLING, GENERAL & ADMINISTRATIVE EXPENSES (30,000) 4) RESEARCH & DEVELOPMENT (25,000) 5) INTEREST EXPENSE (5,000) 6) LOSS FROM DISONTINUED OPS (15,000) 7) GAIN ON DISPOSAL OF DISCONTINUED OPS 7,000 8) DIVIDEND AND INTEREST INCOME 4,000 9) INVENTORY OBSOLESCENSE WRITE-OFF (3,200) 10) OVERSTATEMENT OF P/Y DEPRECIATION 6,000 11) CASH DIVIDEND DECLARED 30,000 12) BEGINNING RETAINED EARNINGS 350,000 13) TAX RATE 21.00% 7) GAIN ON DISPOSAL OF DISCONTINUED OPS 7,000 8) DIVIDEND AND INTEREST INCOME 4,000 9) INVENTORY OBSOLESCENSE WRITE-OFF (3,200) 10) OVERSTATEMENT OF P/Y DEPRECIATION 6,000 11) CASH DIVIDEND DECLARED 30,000 12) BEGINNING RETAINED EARNINGS 350,000 13) TAX RATE 21.00% 14) COMMON STOCK OUTSTANDING 800,000 REQUIRED: IDENTIFY THE FOLLOWING: EPS FROM CONTINUING OPERATIONS: [Select) EPS FROM DISCONTINUED OPERATIONS: Select] WHAT IS RETAINED EARNINGS AT 12/31/19?: [Select]

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