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Presented below is information related to Farr Company Retained earnings December 31 2010 $ 650000 Sales 1400000 Selling and administrative expenses

Presented below is information related to Farr Company. Retained earnings, December 31, 2010 ............. $ 650,000 Sales ........................... 1,400,000 Selling and administrative expenses ............... 240,000 Hurricane loss (pre-tax) on plant (extraordinary item) ....... 290,000 Cash dividends declared on common stock ........... .. 33,600 Cost of goods sold .................... 780,000 Gain resulting from computation error on depreciation charge in 2009 (pre-tax) .................. 520,000 Other revenue ....................... 120,000 Other expenses ..................... 100,000 Instructions Prepare in good form a multiple-step income statement for the year 2011. Assume a 30% tax rate and that 80,000 shares of common stock were outstanding during the year.

Apr 17 2020 View more View Less

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