[bpeat]

I need help with a multiple step income statement with 60,000 in outstanding common stock.
Net sales of 2,600, cost of goods sold of 1,560, selling expenses of 130, administrative expense of 96, dividend revenue of 40, interest revenue of 14, write-off inventory due to obsolescence of 160, depreciation expense omitted by accident of 110, casuality loss before taxes of 100, dividends declared of 96, with effective tax rates of 34% on all items.

Also, retained earning statement

[MaggieMouse]

You need to use the income statement accounts to come up with net income, after the tax effects. Use net income and dividends declared to get the ending retained earning. If you are just getting the retained earning statement, but not the statement of shareholders' equity, then you don't need to use common stock amount at all.