E4-9b (multiple-step statement with retained earnings) presented

E4-9B (Multiple-step Statement with Retained Earnings) Presented below is information related to Trieu Corp. for the year 2014.

Net sales                               $2,600,000         Write-off of inventory due to obsolescence              $ 160,000

Cost of goods sold                1,560,000         Depreciation expense omitted by accident in 2013   110,000

Selling expenses                      130,000         Casualty loss (extraordinary item) before taxes         100,000

Administrative expenses           96,000          Dividends declared                                                            90,000

Dividend revenue                        40,000         Retained earnings at December 31, 2013               1,960,000

Interest revenue 14,000 Effective tax rate of 34% on all items

Instructions

(a) Prepare a multiple-step income statement for 2014. Assume that 60,000 shares of common stock are outstanding.

(b) Prepare a separate retained earnings statement for 2014.

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