I need help with an income statement that I can’t seem to get… I need help with an income statement that I can’t seem to get right….Presented below is information related toSheridanCorp. for the year 2020.The information is meant for a multiple-step income statement for 2020. Assume that 69,920 shares if common stock are outstanding for the entire year.Net sales$1,196,000Write-off of inventory due to obsolescence$73,600Cost of goods sold717,600Depreciation expense omitted by accident in 201950,600Selling expenses59,800Casualty loss46,000Administrative expenses44,160Cash dividends declared41,400Dividend revenue18,400Retained earnings at December 31, 2019901,600Interest revenue6,440Effective tax rate of20% on all itemsAccountingBusinessFinancial Accounting ACC 2020
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