The following information was taken from the 2018 financial records of Rothrock Consolidated. All items are pretax.
Question:
The companys income tax rate is 35 percent, and the items above are treated identically for financial reporting and tax purposes.
Prepare the following:
a. An income statement.
b. A reconciliation of retained earnings.
Transcribed Image Text:
Debit Credit Sales revenues 87,000 Operating expenses 32,500 Gain on sale of investments 5,200 Loss on disposal of segment 21,000 Profit from operations of segment 3,000 Income on accounting change 7,500 Retained earnings (beginning balance) 72,000 Dividends declared 18,000
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