Blakey Corporation provided the following account balances as of the end of the current year. The...

 

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Blakey Corporation provided the following account balances as of the end of the current year. The company is subject to a 35% income tax rate (Click the icon to view the trial balance) Requirement Prepare a single-step and a multiple-step statement of net income for Blakey Corporation Prepare Blakey Corporation's single-step income statement, one section at a time. Account Dividends Blakey Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Debit Sales Interest Income Dividend Income Unrealized Gain on Trading Securities Gain on Disposal of Plant Assets Gain on Flood Damage-Before Tax Gain on Discontinued Operations-Before Tax Cost of Goods Sold Sales Salaries Expense Office Supplies Expense Advertising Expense Office Salaries Expense Systems Consulting Fees-General Selling Expenses Accounting and Legal Fees-Administrative Depreciation Expense-General Amortization Expense-General Interest Expense Loss on Asset Impairment Unrealized Loss on Available-for-Sale Bonds $ 23,000 78,000 37,000 21,000 84,000 29,000 36,000 80,000 38,000 89,000 17,000 16,000 74,000 7,000 Credit $ 1,300,000 7,900 7,200 16,000 20,000 28,000 37,000 Blakey Corporation provided the following account balances as of the end of the current year. The company is subject to a 35% income tax rate (Click the icon to view the trial balance) Requirement Prepare a single-step and a multiple-step statement of net income for Blakey Corporation Prepare Blakey Corporation's single-step income statement, one section at a time. Account Dividends Blakey Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Debit Sales Interest Income Dividend Income Unrealized Gain on Trading Securities Gain on Disposal of Plant Assets Gain on Flood Damage-Before Tax Gain on Discontinued Operations-Before Tax Cost of Goods Sold Sales Salaries Expense Office Supplies Expense Advertising Expense Office Salaries Expense Systems Consulting Fees-General Selling Expenses Accounting and Legal Fees-Administrative Depreciation Expense-General Amortization Expense-General Interest Expense Loss on Asset Impairment Unrealized Loss on Available-for-Sale Bonds $ 23,000 78,000 37,000 21,000 84,000 29,000 36,000 80,000 38,000 89,000 17,000 16,000 74,000 7,000 Credit $ 1,300,000 7,900 7,200 16,000 20,000 28,000 37,000

Answer rating: 100% (QA)

Blakey Corporation Income Statement For the Year Ended December 31 SingleStep Format Net Sales 13000... View the full answer