Presented below is information related to Swifty Corp. for the year 2020. Net sales $1,092,000 Write-off...

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Presented below is information related to Swifty Corp. for the year 2020. Net sales $1,092,000 Write-off of inventory due to obsolescence $67,200 Cost of goods sold 655,200 Depreciation expense omitted by accident in 2019 46,200 Selling expenses 54,600 Casualty loss 42,000 Administrative expenses 40,320 Cash dividends declared 37,800 Dividend revenue 16,800 Interest revenue 5,880 Retained earnings at December 31, 2019 Effective tax rate of 20% on all items 823,200 Prepare a multiple-step income statement for 2020. Assume that 63,840 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.) SWIFTY CORP. Income Statement SA $ A $ SA Presented below is information related to Swifty Corp. for the year 2020. Net sales $1,092,000 Write-off of inventory due to obsolescence $67,200 Cost of goods sold 655,200 Depreciation expense omitted by accident in 2019 46,200 Selling expenses 54,600 Casualty loss 42,000 Administrative expenses 40,320 Cash dividends declared 37,800 Dividend revenue 16,800 Interest revenue 5,880 Retained earnings at December 31, 2019 Effective tax rate of 20% on all items 823,200 Prepare a multiple-step income statement for 2020. Assume that 63,840 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.) SWIFTY CORP. Income Statement SA $ A $ SA

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To prepare a multiplestep income statement for Swifty Corp for the year 2020 we will organi... View the full answer