Homework answers / question archive / presented below is information related to Begley Corp

presented below is information related to Begley Corp

Accounting

Share With

presented below is information related to Begley Corp. for the year 2020.

Net sales                             $2,200,000           Write-off of inventory due to obsolescence        $ 80,000

Cost of goods sold                980,000            Depreciation exp. omitted by accident in 2019     40,000

Selling expenses          165,000            Casualty loss (extraordinary item) before taxes    70,000

Admin. expenses          148,000            Dividends declared                            45,000

Dividend revenue          40,000            Retained earnings at December 31, 2019                980,000

Interest revenue           14,000            Effective tax rate of 34% on all items

Instructions

(a) Prepare a multiple-step income statement for 2020. Assume that 60,000 shares of common stock are outstanding