subject
Business, 01.06.2021 01:00 nickp1233

The following information is related to Novak Company for 2020. Retained earnings balance, January 1, 2020 $1,352,400
Sales Revenue 34,500,000
Cost of goods sold 22,080,000
Interest revenue 96,600
Selling and administrative expenses 6,486,000
Write-off of goodwill 1,131,600
Income taxes for 2020 1,716,720
Gain on the sale of investments 151,800
Loss due to flood damage 538,200
Loss on the disposition of the wholesale
division (net of tax) 607,200
Loss on operations of the wholesale
division (net of tax) 124,200
Dividends declared on common stock 345,000
Dividends declared on preferred stock 110,400
Novak Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Novak sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.
(a) Prepare a multiple-step income statement.
(b) Prepare a retained earnings statement.

ansver
Answers: 1

Another question on Business

question
Business, 22.06.2019 15:30
Calculate the required rate of return for climax inc., assuming that (1) investors expect a 4.0% rate of inflation in the future, (2) the real risk-free rate is 3.0%, (3) the market risk premium is 5.0%, (4) the firm has a beta of 2.30, and (5) its realized rate of return has averaged 15.0% over the last 5 years. do not round your intermediate calculations.
Answers: 3
question
Business, 22.06.2019 21:30
What term is used to describe the outsourcing of logistics? a. shipper managed inventoryb. hollow logistics(smi)c. sub-logisticsd. e-logisticse. third-party logistics (3pl)
Answers: 1
question
Business, 23.06.2019 00:10
Special order carson manufacturing, inc., sells a single product for $36 per unit. at an operating level of 8,000 units, variable costs are $18 per unit and fixed costs $10 per unit. carson has been offered a price of $20 per unit on a special order of 2,000 units by big mart discount stores, which would use its own brand name on the item. if carson accepts the order, material cost will be $3 less per unit than for regular production. however, special stamping equipment costing $4,000 would be needed to process the order; the equipment would then be discarded. assuming that volume remains within the relevant range, prepare an analysis of differential revenue and costs to determine whether carson should accept the special order. use a negative sign with answer to only indicate an income loss from special order; otherwise do not use negative signs with your answers.
Answers: 2
question
Business, 23.06.2019 03:20
Bathlinks corporation has a debt to assets ratio of 73%. this tells the user of bathlinks’s financial statements that a. bathlinks is getting a 27% return on its assets. b. there is a risk that bathlinks cannot pay its debts as they come due. c. 73% of the assets are financed by the stockholders. d. based on this measure, the user should not invest in bathlinks.
Answers: 3
You know the right answer?
The following information is related to Novak Company for 2020. Retained earnings balance, January...
Questions
question
Mathematics, 23.01.2021 01:00
question
Mathematics, 23.01.2021 01:00
question
Mathematics, 23.01.2021 01:00
question
Mathematics, 23.01.2021 01:00