Prepare in good form a multiple-step income statement for the year 2011, including a section for Earnings Per Share.
Assume a 30% tax rate, and that 80,000 shares of common stock were outstanding.
Presented below is information related to Holt Company:
Retained earnings, December 31, 2011 $650,000
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 2007 (pre-tax) 520,000
Other revenue 120,000
Other expenses 100,000
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