Presented below is information related to Sheridan Corp. for the year 2020. Net sales $ 1,196,000 Write-off of inventory due to obsolescence $ 73,600 Cost of goods sold 717,600 Depreciation expense omitted by accident in 2019 50,600 Selling expenses 59,800 Casualty loss 46,000 Administrative expenses 44,160 Cash dividends declared 41,400 Dividend revenue 18,400 Retained earnings at December 31, 2019 901,600 Interest revenue 6,440 Effective tax rate of 20% on all items SHERIDAN CORP. Income Statement For the Year Ended December 31, 2020 Particulars Amount Amount Net Sales $11,96,000 Cost of Good Sold $7,17,600 Gross Profit $4,78,400 Operating Expenses Selling Expenses $59,800 Administrative Expenses $44,160 Total Operating Expenses $1,03,960 Income from Operations $3,74,440 Other Revenues and Gains Dividend Revenue $18,400 Interest $6,440 $24,840 $3,99,280 Other Expenses & Losses Causality Loss $46,000 Write off inventory due to the obsolescence $73,600 $1,19,600 Income Before Tax $2,79,680 Income Tax Expenses $55,936 Net Income $2,23,744 EPS ($223,744/69920) $3.20 SHERIDAN CORP. Retained Earning Statement For the Year Ended December 31, 2020 Particulars Amount Retained Earnings at December 31, 2019 $9,01,600 Add: Net Income $2,23,744 Less: Cash Dividend Declared $41,400 Retained Earnings at December 31, 2020 $10,83,944 for the retained earnings statement can I get help with the amounts for: Correction for Overstatement of Net Income in Prior Period $ Retained Earnings, January 1, as adjusted $

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 13P: Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and...

Related questions

Question

100%

Presented below is information related to Sheridan Corp. for the year 2020.

Net sales	$ 1,196,000	Write-off of inventory due to obsolescence	$ 73,600
Cost of goods sold	717,600	Depreciation expense omitted by accident in 2019	50,600
Selling expenses	59,800	Casualty loss	46,000
Administrative expenses	44,160	Cash dividends declared	41,400
Dividend revenue	18,400	Retained earnings at December 31, 2019	901,600
Interest revenue	6,440	Effective tax rate of 20% on all items

SHERIDAN CORP.
Income Statement

For the Year Ended December 31, 2020

Particulars	Amount	Amount
Net Sales		$11,96,000
Cost of Good Sold		$7,17,600
Gross Profit		$4,78,400
Operating Expenses
Selling Expenses	$59,800
Administrative Expenses	$44,160
Total Operating Expenses		$1,03,960
Income from Operations		$3,74,440
Other Revenues and Gains
Dividend Revenue	$18,400
Interest	$6,440	$24,840
		$3,99,280
Other Expenses & Losses
Causality Loss	$46,000
Write off inventory due to the obsolescence	$73,600	$1,19,600
Income Before Tax		$2,79,680
Income Tax Expenses		$55,936
Net Income		$2,23,744
EPS ($223,744/69920)		$3.20

SHERIDAN CORP.
Retained Earning Statement

For the Year Ended December 31, 2020

Particulars	Amount
Retained Earnings at December 31, 2019	$9,01,600
Add: Net Income	$2,23,744
Less: Cash Dividend Declared	$41,400
Retained Earnings at December 31, 2020	$10,83,944