The following information is related to dickinson company for 2017.retained earnings balance, january 1, 2017sales revenue 25,000,000cost of goods sold 16,000,000interest revenue 70,000selling and administrative expenses 4,700,000write-off of goodwill 820,000income taxes for 2017 1,244,000gain on the sale of investments 110,000loss due to flood damage 390,000loss on the disposition of the wholesale division (net of tax) 440,000loss on operations of the wholesale division (net of tax) 90,000dividends declared on common stock $ 250,000dividends declared on preferred stock 80,000dickinson company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. on september 15, dickinson sold the wholesale operations to rogers company. during 2017, there were 500,000 shares of common stock outstanding all year. instructionsprepare a multiple-step income statement and a retained earnings statement.

Partnerships are the most common type of business firms in the world. t/f

Problem 9-5. net present value and taxes [lo 1, 2] penguin productions is evaluating a film project. the president of penguin estimates that the film will cost $20,000,000 to produce. in its first year, the film is expected to generate $16,500,000 in net revenue, after which the film will be released to video. video is expected to generate $10,000,000 in net revenue in its first year, $2,500,000 in its second year, and $1,000,000 in its third year. for tax purposes, amortization of the cost of the film will be $12,000,000 in year 1 and $8,000,000 in year 2. the company’s tax rate is 35 percent, and the company requires a 12 percent rate of return on its films. required what is the net present value of the film project? to simplify, assume that all outlays to produce the film occur at time 0. should the company produce the film?

Richardson hired j.c. flood company, a plumbing contractor, to correct a stoppage in the sewer line of her house. the plumbing company's 'snake' device, used to clear the line leading to the main sewer, became caught in the underground line. to release it, the company excavated a portion of the sewer line in richardson's backyard. in the process, the company discovered numerous leaks in a rusty, defective water pipe that ran parallel with the sewer line. to meet public regulations, the water pipe, of a type no longer approved for such service, had to be replaced either then or later, when the yard would have to be excavated again. the plumbing company proceeded to repair the water pipe. though richardson inspected the company's work daily and did not express any objection to the extra work involved in replacing the water pipe, she refused to pay any part of the total bill after the company completed the entire operation. j.c. flood company then sued richardson for the costs of labor and material it had furnished. (c) for what, if anything, should richardson be liable? explain."