A)Prepare a multiple-step income statement. B) Prepare a retained earnings state

Question

A)Prepare a multiple-step income statement.

B) Prepare a retained earnings statement

The following information is related to Concord Company for 2017.
Retained earnings balance, January 1, 2017 $989,040 Sales Revenue 26,170,900 Cost of goods sold 16,226,200 Interest revenue 77,000 Selling and administrative expenses 4,772,600 Write-off of goodwill 829,100 Income taxes for 2017 1,349,000 Gain on the sale of investments 117,100 Loss due to flood damage 392,900 Loss on the disposition of the wholesale division (net of tax) 455,300 Loss on operations of the wholesale division (net of tax) 93,560 Dividends declared on common stock 225,300 Dividends declared on preferred stock 73,250
Concord Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Concord sold the wholesale operations to Rogers Company. During 2017, there were 463,100 shares of common stock outstanding all year.

A)Prepare a multiple-step income statement.

B) Prepare a retained earnings statement

Explanation / Answer

Earning per Share :-

Statement of Retained Earning :-

Particulars Amount($) Amount($) Sales Revenue :- Net Sales 26170900 Less : Cost of Goods Sold (16226200) Gross Profit 9944700 Less : Operating Expenses :- Selling and Administrative Expenses (4772600) Income from Operations 5172100 Add ; Other Revenues amd Gains ;- Interest Revenue 77000 Gain on the Sale of Investments 117100 194100 Less : Other Expenses and Losses :- Write-off of Goodwill (829100) Income before taxes and extraordinary items 4537100 Less : Income Taxes (1349000) Income before extraordinary items 3188100 Less : Extraordinary items :- Loss due to flood damage - extraordinary item 392900 Loss on the disposition of the wholesale division 455300 Loss on operations of the wholesale division 93560 (941760) Net Income 2246340

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