Presented below is information related to Sheffield Corp. for the year 2020. Net sales $1,456,000 Write-off of inventory due to obsolescence $89,600
Cost of goods sold 873,600 Depreciation expense omitted by accident in 2019 61,600
Selling expenses 72,800 Casualty loss 56,000
Administrative expenses 53,760 Cash dividends declared 50,400
Dividend revenue 22,400 Retained earnings at December 31, 2019 1,097,600
Interest revenue 7,840 Effective tax rate of 20% on all items

Required:
Prepare a multiple-step income statement for 2020. Assume that 62,370 shares of common stock are outstanding.

answer; a set of mutual funds with similar risk characteristics to your mutual fund;

two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.