The following pretax amounts pertain to the Spartan Corp.for the year ended December 31,2014.

The effective corporate tax rate is 30 percent.The company had 10,000 shares of common stock outstanding for the entire year.
(1)Prepare a multiple-step income statement in good form for the year ended December 31,2014.
(2)Prepare a retained earnings statement in good form for the year ended December 31,2014.

Question

The following pretax amounts pertain to the Spartan Corp.for the year ended December 31,2014.
  
The effective corporate tax rate is 30 percent.The company had 10,000 shares of common stock outstanding for the entire year.
(1)Prepare a multiple-step income statement in good form for the year ended December 31,2014.
(2)Prepare a retained earnings statement in good form for the year ended December 31,2014.

Quizplus · Accepted Answer

The Answer of The following pretax amounts pertain to the Spartan Corp.for the year ended December 31,2014.
  
The effective corporate tax rate is 30 percent.The company had 10,000 shares of common stock outstanding for the entire year.
(1)Prepare a multiple-step income statement in good form for the year ended December 31,2014.
(2)Prepare a retained earnings statement in good form for the year ended December 31,2014.

The Following Pretax Amounts Pertain to the Spartan Corp