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Presented below is information related to Dickinson Company for 2012.

Retained earnings balance, January 1, 2012 $982,900

Sales for the year 26,323,600

Cost of goods sold 16,187,900

Interest revenue 71,800

Selling and administrative expenses 4,736,300

Write-off of goodwill (not tax deductible) 835,300

Income taxes for 2012 1,204,100

Gain on the sale of investments (normal recurring) 116,000

Loss due to flood damage’extraordinary item (net of tax) 392,400

Loss on the disposition of the wholesale division (net of tax) 458,100

Loss on operations of the wholesale division (net of tax) 96,900

Dividends declared on common stock 257,000

Dividends declared on preferred stock 85,000

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Prepare a multiple-step income statement and a retained earnings statement. Dickinson Company decided to discontinue its entire wholesale operations and to retain its manufacturing operations. On September 15, Dickinson sold the wholesale operations to Rogers Company. During 2012, there were 500,000 shares of common stock outstanding all year.

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