The Houston Manufacturing Company presents the following partial lists of account balances, after adjustments, as of December 31, 2016 Selling Expenses Administrative Expenses het Sales Revenue Interest Revenue Las on Sale of Factory Equipment Cost of Goods Sold CHAPTER 4 HOMEWORK PROBLEM 1 Assume a 30% tax rate $70 50 460 Retained Earnings, January 1, 2016 Cividend Revenue Common Stock, $10 Par impairment loss on patent The following information is also available, but is not reflected in the preceding accounts 1. The company sold Division E (a component of the company) on August 1, 2016. This action reflects a strategic shift for the company. During 2016, Division E incurred a pretax loss from operations of $20. However, because the acquiring company could vertically integrate Division E into its facilities, there was a 540 pretax gain on the sale REQUIRED 4 230 200 2 The common stock was outstanding for the entire year. A cash dividend on $1 per share was declared and paid in 2016 200 30 Prepare a 2016 multi step income statement for the Houston Manufacturing Company 2 Prepare a 2016 single-step income statement for the Housten Manufacturing Compan

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.