prepare a multi-step income statement

Project Description:

there are 160,000 shares outstanding for the thornton company for december 31, 2011, their income tax rate for 2011 was 20%:

note payable 125,000
land 140,000
interest expense 42,000
vehicel 65,000
mortgage payable 31,000
income taxes payable 5,300
inventory 43,000
share capital 160,000
advertising expense 8,600
notes receiveable 17,000
dividend revenue 30,000
bonds payable 28,000
interest revenue 12,000
postage expense 5,000
cost of goods sold 25% of gross sales
loss of sale of building 9,000
share premium 26,000
accumulated dep.-equipment 6,500
sales returns and allowance 45,000
sales of office supplies 52,000
allowance for doubtful accounts 7,600
utilities expenses 5,000
office salaries 32,000
goodwill 92,000
prepaid insurance 9,600
sales discounts 6,900
equipment 120,000
travel expense 3,000
retained earnings 215,200
legal fees 36,000
accounts payable 16,000
investmens in xyz corp 25,000
officer's salaries 52,000
accounts receiveable 76,000
cash 36,000
unearned revenue 12,000
gross sales 540,000
supplies 9,000
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Price Type: Negotiable

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