Presented below is information related to Ivan Calderon Corp. for the year ended December 31,...
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Accounting
Presented below is information related to Ivan Calderon Corp. for the year ended December 31, 2020.
Tim Mattke Company began operations in 2018 and adopted weighted-average method for inventory. In 2020, in accordance with other companies in its industry, Tim Mattke changed its inventory policy to FIFO. Financial statement data is as follows.
Pretax Income
Year
Weighted Average
FIFO
Income Tax Rate
Dividends Declared
2018
$ 370,000
$ 395,000
20%
$ 0
2019
390,000
430,000
20%
100,000
2020
410,000
450,000
20%
80,000
Instructions: Prepare a statement of retained earnings for the current year.
Prepare a multiple-step income statement. Round earnings per share to 2 decimal places.
Prepare a statement of retained earnings.
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