Presented below is information related to Sheridan Corp. for the year 2020. The information is meant for a multiple-step income statement for 2020. Assume that 69,920 shares if common stock are outstanding for the entire year. 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 I had an income statement that for the most part was right that follows: SHERIDAN CORP. Income Statement For the Year Ended December 31, 2020 Revenue: Net Sales $1196000 COGS $717600 = Gross Profit $478400 Operating Expenses: Selling Exp $59800 Admin Exp $44160 = Total Operating Exp $103960 Income From Operations $374440 Other Revenues and Gains: Dividend Revenue $18400 Interest Revenue $6440 (Rev totals)=24840 (Income from operations + Revs)= $399280 Other Expenses and losses: Casualty Loss $46000 Write-off inventory due to obsolescence $73600 =119600 Income before income tax $(?) (?) $(?) Net income $223744 Earnings Per Common Share $3.20 **Can I get help with where I went wrong on the income statement... but also the retained earning statement?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

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

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

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 2P

See similar textbooks

Related questions

Question

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

The information is meant for a multiple-step income statement for 2020. Assume that 69,920 shares if common stock are outstanding for the entire year.

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