Single Step Income Statement and Statement of Retained Earnings
Jacksonville Window Co. reports the following for 2008:
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 |
Prepare a single step income statement (including earnings per share data) and a statement of retained earnings for Jacksonville.