Question

The following information was taken from the records of Midler Cosmetics, Inc., at December 31, 2014:


Requirements
1. Using the End- of- Chapter Summary Problem (pages 637–638) as an example, prepare Midler Cosmetics’ single- step income statement, which lists all revenues together and all expenses together, for the fiscal year ended December 31, 2014. Include earnings-per-share data. For purposes of earnings per share, assume dividends have been declared on preferred stock as of December.
2. Evaluate income for the year ended December 31, 2014. Midler’s top managers hoped to earn income from continuing operations equal to 16% ofsales.


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  • CreatedJuly 25, 2014
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