Golden Corporation reported the following items in reverse alphabetical order for the year ended December 31,...
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Golden Corporation reported the following items in reverse alphabetical order for the year ended December 31, 2022 (some of Golden's balance sheet accounts have been omitted). Wages Expense Utilities Expense Unearned Rent Trademark Supplies Expense Sales Sales Returns Retained Earnings on January 1, 2022 Rent Revenue Rent Expense Purchases Prior Period Adjustment (debit balance) Prepaid Rent Paid in Capital in Excess of Par Merchandise Inventory, Ending Merchandise Inventory, Beginning Loss from Discontinued Operations Interest Expense Insurance Expense Gain on Sale of Equipment Dividend Revenue Dividends Declared ($4,000 for preferred and $8,000 for common) Depreciation Expense Common Stock, $10 par, 20,000 shares issued and outstanding. Building Advertising Expense Accumulated Depreciation Accounts Receivable $50,000 40,000 11,000 6,000 3,000 670,000 10,000 176,000 3,000 18,000 380,000 18,000 4,000 470,000 32,000 41,000 20,000 25,000 23,000 6,000 5,000 12,000 38,000 200,000 300,000 31,000 95,000 24,000 Assume that Golden was in a 21% tax rate this year and a 25% tax rate in all previous years. Assume also that Golden sold 3,000 shares of common stock on May 1 of this year (which is already included in the total of 20,000 shares on December 31 above). INSTRUCTIONS: From the accounts and amounts listed above, prepare a multiple step income statement for the year ended December 31, 2022. Please include earnings per share and show your calculations. Not all accounts in the list above will be used on the income statement. Golden Corporation reported the following items in reverse alphabetical order for the year ended December 31, 2022 (some of Golden's balance sheet accounts have been omitted). Wages Expense Utilities Expense Unearned Rent Trademark Supplies Expense Sales Sales Returns Retained Earnings on January 1, 2022 Rent Revenue Rent Expense Purchases Prior Period Adjustment (debit balance) Prepaid Rent Paid in Capital in Excess of Par Merchandise Inventory, Ending Merchandise Inventory, Beginning Loss from Discontinued Operations Interest Expense Insurance Expense Gain on Sale of Equipment Dividend Revenue Dividends Declared ($4,000 for preferred and $8,000 for common) Depreciation Expense Common Stock, $10 par, 20,000 shares issued and outstanding. Building Advertising Expense Accumulated Depreciation Accounts Receivable $50,000 40,000 11,000 6,000 3,000 670,000 10,000 176,000 3,000 18,000 380,000 18,000 4,000 470,000 32,000 41,000 20,000 25,000 23,000 6,000 5,000 12,000 38,000 200,000 300,000 31,000 95,000 24,000 Assume that Golden was in a 21% tax rate this year and a 25% tax rate in all previous years. Assume also that Golden sold 3,000 shares of common stock on May 1 of this year (which is already included in the total of 20,000 shares on December 31 above). INSTRUCTIONS: From the accounts and amounts listed above, prepare a multiple step income statement for the year ended December 31, 2022. Please include earnings per share and show your calculations. Not all accounts in the list above will be used on the income statement.
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Based on the list of items provided in the image for Golden Corporation for the year ended December 31 2022 we are to prepare a multistep income statement A multistep income statement details revenue ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
Posted Date:
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