Tidal Wave Company

by | Aug 18, 2021 | Assignment

(TCO C) Presented below is information related to Tidal Wave Company.  Retained earnings, December 31, 20X2  $ 2,350,000Sales 2,600,000Selling and administrative expenses 240,000Earthquake loss (pre-tax) on plant (extraordinary item) 250,000Cash dividends declared on common stock    53,600Cost of goods sold                     1,000,000Gain resulting from computation error on depreciation charge in 2009 (pre-tax) 520,000Other revenue    80,000Other expenses     50,000Instructions: Prepare in good form a multiple-step income statement for the year 20X2. Assume a 30% tax rate and that 100,000 shares of common stock were outstanding during the year. (Points : 40)TCOIncome StatementFor the year December 31 20X2Sales $2,600,000 Cost of goods sold $1000, 000 Gross profit $1600, 000 Operating expensesSelling expenses and administrative expenses $240,000…

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