Question 13 --/1 iew Policies urrent Attempt in Progress Presented below is information related to Sheridan Corp. for the year 2020. Net sales $1,196,000 Write-off of inventory due to obsolescence $73,600 Cost of goods sold 717,600 Depreciation expense omitted by accident in 201950,600 Selling expenses 59,800 Casualty loss 46,000 Administrative expenses 44,160 Cash dividends declared 41,400 Dividend revenue 18,400 Retained earnings at December 31, 2019 901,600 Interest revenue 6,440 Effective tax rate of 20% on all items Prepare a multiple-step income statement for 2020. Assume that 69,920 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.) SHERIDAN CORP. Income Statement For the Year Ended December 31, 2020 Administrative expenses 44,160 Cash dividends declared 41,400 Dividend revenue 18,400 Retained earnings at December 31, 2019 901,600 Interest revenue 6,440 Effective tax rate of 20% on all items Prepare a multiple-step income statement for 2020. Assume that 69,920 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.) SHERIDAN CORP. Income Statement For the Year Ended December 31, 2020 Net Income /(Loss) Net Sales 1196000 Cost of Goods Sold 717600 Gross Profit/(Loss) 478400 Operating Expenses Selling Expenses 59800 Administrative Expenses 44160 Prepare a separate retained earnings statement for 2020. (List items that increase adjusted retained earnings first.) SHERIDAN CORP. Retained Earnings Statement Toutbooland Media