Question

Presented below is information related to 2020 for Oriole Company.

Retained earnings, December 31, 2019		$658,000
Sales revenue		1,487,000
Selling and administrative expenses		244,000
Discontinued operations loss (pre-tax)		295,000
Cash dividends declared on common stock		33,600
Cost of goods sold		891,000
Gain discovered in 2020, from error on depreciation charge in 2018 (pre-tax)		524,000
Other revenue		116,000
Other expenses		102,500

Prepare in good form a multiple-step income statement for the year 2020. Assume a 30% tax rate and that 80,000 shares of common stock were outstanding during the year. (Round per share values to 2 decimal places, e.g. $1.58.)

Answer 1

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