Question related to Johnson Company for the year ended December 31, 2016, follows.
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Cost of Goods Sold
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mce_markernbsp;70,000
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Dividends Declared
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5,000
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Flood Loss (pre-tax)
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12,000
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General Expense
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8,000
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Other Income
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9,000
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Other Expense
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11,000
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Retained Earnings, January 1, 2010
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116,000
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Sales
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131,000
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Selling Expense
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7,000
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(Required)
- Prepare in good form a multiple-step income statement for the year 2016. Assume a 50% tax rate.
- Compute Basic Earnings Per Share for the year 2016. Assume a that 5,000 shares of common stock were outstanding during the year.