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Retained Earnings, January 1, 2004-(Answered)

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Question

Retained Earnings, January 1, 2004 ...................................... ? ?$115,000

net sales ................................................................................. ? ? ? 490,000

interest expense ? ? ?............................................................... ? ? ? ? ? 5,000

general and administrative expenses ..................................... ? ?95,000

cost of goods sold ................................................................ ? ? ? ? ? 220,000

selling expenses ?....................................................................... ? ? 115,000

dividend revenue ................................................................ ? ? ? ? ? ? ?10,000

dividends declared in 2004 .................................................... ? ? ? ? ?25,000

dividends paid in 2004 ........................................................... ? ? ? ? ? 19,250

income tax rate ................................................................... ? ? ? ? ? ? ? ? ?30%

common stock outstanding during the year .................. ? ? ? ? ? ? ? 50,000 shares

common stock authorized ................................................. ? ? ? ? ? ? ? ?100,000 shares


prepare a single-step income statement for the year ended december 31, 2004


Income Statement

 

For the Year Ended December 31, 2014

 

Revenue

 

Net Sales

 

Dividend revenue

 

Total Revenue

 

Expenses:

 

Cost of goods sold

 

General and administrative expenses

 

Selling expenses

 

Interest...

 

Paper#9210622 | Written in 27-Jul-2016

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