C Secure https://edugen wileyplus.com/edugen/student/mainfr.uni WileyPLUS Kieso,

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C Secure https://edugen wileyplus.com/edugen/student/mainfr.uni WileyPLUS Kieso, Intermediate Accounting, 10e Home Read, Study & Practice Assignment G Gradebook ORION Downloadable eTextbook > Open Assignment ASSIGNMENT RESOURCES Chapter4 Presented below is information related to Marin Corp. for the year 2017. Net sales Cost of goods sold Selling expenses $1,380,100 Write-off of inventory due to obsolescence $81,810 41,100 48,800 48,680 896,230 788,800 74,700 Depreciation expense omitted by accident in 2016 Casualty loss expenses 50,300Cash dividends declared 27,000 7,740 Retained earnings at December 31, 2016 Effective tax rate of 34% on all items Review Score Dividend revenue Interest revenue Objective Prepare a multiple-step income statement for 2017. Assu me that 60,960 shares of common stock are outstanding.. MARIN CORP

Explanation / Answer

Multi Stage Income statement as on Dec 31, 2017 : Amount $ Net Sales 1380100 Less: COGS 788800 Gross Profit 591300 Less: Expenses: Admin 50300 Selling 74700 Total expenses 125000 Income before Interest, extraordinary & prior period items 466300 Less: Interest expense 7740 Income before extraordinary & prior period items 458560 Less: Extraordinary items: Write-off of Inventory 81810 Casualty loss 48800 Total extraordinary items 130610 Income before prior period items & other income 327950 prior period Dep expense 41100 Income before other income 286850 Other income: Dividend income 27000 Income before tax 313850 Less: Tax @34% 106709 Net Income 207141 Add: RE- Opening Balance 896230 Total R E 1103371 Less: Dividend declared 48680 Ending Retained Earnings 1054691 Net Income 207141 Common Stock 60960 shares EPS 3.40

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