Problem related to multiple-step income statement

Reference no: EM13764178

Presented below is information related to Square Company.

Retained earnings, December 31, 20X2	$2,750,000
Sales	2,000,000
Selling and administrative expenses	240,000
Hurricane loss (pre-tax) on plant (extraordinary item)	250,000
Cash dividends declared on common stock	33,600
Cost of goods sold	960,000
Gain resulting from computation error on depreciation charge in 20X1 (pre-tax)	2,000,000
Other revenue	80,000
Other expenses	50,000

Instructions: Prepare in good form a multiple-step income statement for the year 2011. Assume a 30% tax rate and that 100,000 shares of common stock were outstanding during the year

Reference no: EM13764178

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