statement and retained earnings statement.Citrus Product of Belize Limited's capital structure consists of 100,000 shares of common stock.At December 31, 2021 an analysis of the accounts and discussions with company officials revealedthe following information:Sales revenueDiscontinued operations loss (net of tax)Selling expensesCashAccounts receivableCommon stockCost of goods soldAccumulated depreciation-machineryDividend revenueUnearned service revenueInterest payableLandPatentsRetained earnings, January 1, 2021Interest expenseAdministrative expensesDividends declaredAllowance for doubtful accountsNotes payable (maturity 7/1/24)MachineryMaterialsAccounts payableOther information:$1,450,00076,500130,00060,00090,000200,000760,000180,00010,0004,4001,000InstructionsPrepare a multiple-step income statement.370,000100,000270,00018,000165,00024,0005,000200,000450,00040,00060,0001. When its chairman of the board died, the company realized $650,000 from an insurancepolicy. Th cash surrender value of this policy has been carried on the books as aninvestment in the amount of $525,000.2. Sales of securities held as a part of its portfolio resulted in a gain of $60,000.3. The amount of income taxes applicable to income was $81,900, excluding the tax effect ofthe discontinued operations loss which amounted to $29,000.4. The company experienced an uninsured hurricane loss in amount of $160,000 during theyear.

Name: statement and retained earnings statement.Citrus Product of Belize Li
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: statement and retained earnings statement.Citrus Product of Belize Limited's capital structure consists of 100,000 shares of common stock.At December 31, 2021 an analysis of the accounts and discussions with company officials revealedthe following i