Question: I need help putting the following information into a Retained Earnings Statement. Thanks! Presented below is information related to D. B. Stanley Company for 2018.
I need help putting the following information into a Retained Earnings Statement. Thanks!
Presented below is information related to D. B. Stanley Company for 2018.
Retained earnings balance, January 1, 2018 $539,000
Sales for the year 13,750,000
Cost of goods sold 9,350,000
Interest revenue 38,500
Selling and administrative expenses 2,585,000
Write-off of goodwill (not tax deductible) 451,000
Income taxes for 2018 497,750
Gain on the sale of investments (normal recurring) 60,500
Loss due to flood damage-extraordinary item (net of tax) 214,500
Loss on the disposition of the wholesale division (net of tax) 242,000
Loss on operations of the wholesale division (net of tax) 49,500
Dividends declared on common stock 137,500
Dividends declared on preferred stock 38,500
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