Sandhill Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2020 an analysis of the accounts and discussions with company officials revealed the following information:

Sales revenue $1,238,000
Discontinued operations loss (net of tax) 55,300
Selling expenses 126,700
Cash 59,100
Accounts receivable 88,000
Common stock 200,000
of goods sold 698,500
Accumulated depreciation-machinery 183,600
Dividend revenue 7,200
Unearned service revenue 4,300
Interest payable 1,800
Land 360,000
Patents 117,000
Retained earnings, January 1, 2020 224,950
Interest expense 19,900
Administrative expenses 165,600
Dividends declared 24,600
Allowance for doubtful accounts 5,100
Notes payable (maturity 7/1/23) 218,000
Machinery 459,000
Materials 39,800
Accounts payable 60,200
The amount of income taxes applicable to income was $70,350, excluding the tax effect of the discontinued operations loss which amounted to $23,700.

(a) Prepare a multiple-step income statement.
(b) Prepare a retained earnings statement.

Aldrich and co. sold goods to donovan on credit. the amount owed grew steadily, and finally aldrich refused to sell any more to donovan unless donovan signed a promissory note for the amount due. donovan did not want to but signed the note because he had no money and needed more goods. when aldrich brought an action to enforce the note, donovan claimed that the note was not binding because it had been obtained by economic duress. was he correct? [aldrich & co. v. donovan, 778 p.2d 397 (mont.)]

Suppose the following items were taken from the balance sheet of nike, inc. (all dollars are in millions.) 1. cash $ 2,316.7 7. inventory $ 2,245.6 2. accounts receivable 2,786.2 8. income taxes payable 80.3 3. common stock 2,841.1 9. equipment 1,783.8 4. notes payable 291.2 10. retained earnings 6,162.5 5. buildings 3,959.7 11. accounts payable 2,624.6 6. mortgage payable 1,092.3 perform each of the following. classify each of these items as an asset, liability, or stockholders’ equity, and determine the total dollar amount for each classification. (enter amounts in millions up to 1 decimal place, e. g. 45.5 million.) cash accounts receivable common stock notes payable buildings mortgage payable inventory income taxes payable equipment retained earnings accounts payable assets $ 13092 liability $ 4088.4 stockholders’ equity $ 9003.6 etextbook and media determine nike’s accounting equation by calculating the value of total assets, total liabilities, and total stockholders’ equity. (enter amounts in millions up to 1 decimal place, e. g. 45.5 million.) total assets = total liabilities + total stockholders’ equity

Compare the sources of consumer credit 1. consumers use a prearranged loan using special checks 2. consumers use cards with no interest and non -revolving balances 3. consumers pay off debt and credit is automatically renewed 4. consumers take out a loan with a repayment date and have a specific purpose a. travel and entertainment credit b. revolving check credit c. closed-end credit d. revolving credit