Acc486 Financial Reporting & Analysis: P4-3 The accounts of Consolidated Can contain the

Acc486 Financial Reporting & Analysis

P4-3
The accounts of Consolidated Can contain the following amounts at December 31, 2008:
Cost of products sold 410,000
Dividends 3,000
Extraordinary gain (net of tax) 1,000
Income taxes 9,300
Interest expense 8,700
Other income 1,600
Retained earnings, 1/1 270,000
Sales 480,000
Selling and administrative expense 42,000

Required:
Prepare a multiple-step income statement combined with a reconciliation of retained earnings for the year ended December 31, 2008.
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