Lakeland Corporation reported the following pretax (and taxable) information for 2014:
Required:
a.Prepare the lower portion of Lakeland's 2014 income statement, beginning with pretax income for continuing operations. (Omit the heading.)
b.Prepare Lakeland's 2014 statement of retained earnings, assuming that retained earnings at January 1, 2014, was $750,000 and the company paid $45,000 of dividends in 2014. (Omit the heading.)

Question

Lakeland Corporation reported the following pretax (and taxable) information for 2014: 
Required: 
a.Prepare the lower portion of Lakeland's 2014 income statement, beginning with pretax income for continuing operations. (Omit the heading.)
b.Prepare Lakeland's 2014 statement of retained earnings, assuming that retained earnings at January 1, 2014, was $750,000 and the company paid $45,000 of dividends in 2014. (Omit the heading.)

Quizplus · Accepted Answer

The Answer of Lakeland Corporation reported the following pretax (and taxable) information for 2014: 
Required: 
a.Prepare the lower portion of Lakeland's 2014 income statement, beginning with pretax income for continuing operations. (Omit the heading.)
b.Prepare Lakeland's 2014 statement of retained earnings, assuming that retained earnings at January 1, 2014, was $750,000 and the company paid $45,000 of dividends in 2014. (Omit the heading.)

Lakeland Corporation Reported the Following Pretax (And Taxable) Information for 2014