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The following information is related to Buffalo Company for 2017. Retained earnings balance, January 1, 2017 $997,830 Sales Revenue 26,123,300 Cost...

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Accounting

The following information is related to Buffalo Company for2017.

Retained earnings balance, January 1, 2017$997,830
Sales Revenue26,123,300
Cost of goods sold16,214,400
Interest revenue78,400
Selling and administrative expenses4,737,300
Write-off of goodwill827,800
Income taxes for 20171,287,700
Gain on the sale of investments113,900
Loss due to flood damage397,600
Loss on the disposition of the wholesale division (net oftax)457,400
Loss on operations of the wholesale division (net of tax)96,820
Dividends declared on common stock249,400
Dividends declared on preferred stock78,330


Buffalo Company decided to discontinue its entire wholesaleoperations (considered a discontinued operation) and to retain itsmanufacturing operations. On September 15, Buffalo sold thewholesale operations to Rogers Company. During 2017, there were490,600 shares of common stock outstanding all year.

Prepare a multistep income statement.

Answer & Explanation Solved by verified expert
3.8 Ratings (391 Votes)
Please hit LIKE button if this helped For any further explanation please put your query in comment will get back to you Multistep Income Statement Sales Revenue 26123300 Cost of Goods Sold 16214400 Gross    See Answer
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