single step income statement and statement of retained earnings jacksonville window 691848

Retained earnings, January 1                                                     

$335,200

Selling expenses                                                              

$290,200

Sales revenue                                                                 

$1,420,000

Interest expense                                                              

$14,100

General and administrative expenses                                               

$224,800

Cost of goods sold                                                             

$772,000

Dividends declared this year                                                     

$40,000

Tax rate for all items                                                          

40%

Average shares of common stock outstanding during the year                             

30,000