The following balances were taken from the books of Splish Corp. on December 31, 2020. Interest...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following balances were taken from the books of Splish Corp. on December 31, 2020. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $88,150 53,150 1,382,150 Accumulated depreciation-equipment $42,150 Accumulated depreciation-buildings 30,150 157,150 196,150 172,150 102,150 99,150 34,150 62,150 102,150 142,150 623,150 Notes receivable Selling expenses Accounts payable Bonds payable 152,150 22,150 152,150 9,150 Administrative and general expenses 47,150 102,150 202,150 Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings Assume the total effective tax rate on all items is 20%. 152,150 502,150 23,150 Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.) Sales Sales Revenue Less : Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold Gross Profit/ (Loss) Operating Expenses Selling Expenses Administrative Expenses Income From Operations Income Before Income Tax Interest Revenue. SPLISH CORP. Income Statement For the Year Ended December 31, 2020 BA 152150 47150 196150 99150 MI MI EA 1382150 1182850 1182850 623150 i 559700 295300 264400 147 Sales Sales Revenue Less : Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold Gross Profit/ (Loss) Operating Expenses Selling Expenses Administrative Expenses Income From Operations Income Before Income Tax Interest Revenue. SPLISH CORP. Income Statement For the Year Ended December 31, 2020 BA 152150 47150 196150 99150 MI MI EA 1382150 1182850 1182850 623150 i 559700 295300 264400 147 Selling Expenses Administrative Expenses Income From Operations Income Before Income Tax Interest Revenue Net Income /(Loss) Per share of common stock: Earnings Per Common Share List of Accounts + Accumulated Depreciation-Equipment Administrative Expenses Bad Debt Expense 196150 99150 $ 295300 264400 The following balances were taken from the books of Splish Corp. on December 31, 2020. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $88,150 53,150 1,382,150 Accumulated depreciation-equipment $42,150 Accumulated depreciation-buildings 30,150 157,150 196,150 172,150 102,150 99,150 34,150 62,150 102,150 142,150 623,150 Notes receivable Selling expenses Accounts payable Bonds payable 152,150 22,150 152,150 9,150 Administrative and general expenses 47,150 102,150 202,150 Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings Assume the total effective tax rate on all items is 20%. 152,150 502,150 23,150 Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.) Sales Sales Revenue Less : Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold Gross Profit/ (Loss) Operating Expenses Selling Expenses Administrative Expenses Income From Operations Income Before Income Tax Interest Revenue. SPLISH CORP. Income Statement For the Year Ended December 31, 2020 BA 152150 47150 196150 99150 MI MI EA 1382150 1182850 1182850 623150 i 559700 295300 264400 147 Sales Sales Revenue Less : Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold Gross Profit/ (Loss) Operating Expenses Selling Expenses Administrative Expenses Income From Operations Income Before Income Tax Interest Revenue. SPLISH CORP. Income Statement For the Year Ended December 31, 2020 BA 152150 47150 196150 99150 MI MI EA 1382150 1182850 1182850 623150 i 559700 295300 264400 147 Selling Expenses Administrative Expenses Income From Operations Income Before Income Tax Interest Revenue Net Income /(Loss) Per share of common stock: Earnings Per Common Share List of Accounts + Accumulated Depreciation-Equipment Administrative Expenses Bad Debt Expense 196150 99150 $ 295300 264400
Expert Answer:
Answer rating: 100% (QA)
Question Multiplestep income statement for the year ended December 31 2... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
The following balances were taken from the books of Schimank Corp. on December 31, 2014. Assume the total effective tax rate on all items is 34%. Instructions Prepare a multiple-step income...
-
The following balances were taken from the books of Parnevik ASA on December 31, 2019. Assume the total effective tax rate on all items is 34%. Instructions Prepare an income statement; 100,000...
-
The following balances were taken from the books of the Big Track Trucking Company Limited on December 31, 2014: Assume the total effective tax rate on all items is 25%. Instructions Prepare a...
-
If Euros sell for $1.50 per euro, what should dollars sell for in Euros per dollar?
-
Lydia DEttore received a degree in computer programming at DeVry Institute of Technology, with a grade point average of 2.51. To finance her education, she borrowed $20,516.52 from a federal student...
-
Consider a market for CDs in a country called Home that has only one producer, Music, Inc. Suppose that the demand curve is given by: Q = 100 - P, where Q is the number of CDs demanded in that...
-
On January 1, 2000, GAZ Ltd. purchased a producing oil well, with an estimated life of 15 years, and started operating it immediately. The management ofGAZ Ltd. calculated the present value of future...
-
During Denton Companys first two years of operations, the company reported absorption costing net operating income as follows: The companys $34 unit product cost is computed as follows: Direct...
-
Question Content AreaAllowance method entriesThe following transactions were completed by Wild Trout Galleryduring the current fiscal year ended December 31:Jan. 19.Reinstated the account of A 2...
-
For the circuit of Figure P2.39, determine the transform of the output voltage V0(s). Assume that the circuit is in steady state when t Figure P2.39 Model of an electronic circuit. IF 2 H Ion 2 4
-
Can you help me the history of ballet (european context) and how Russia introduced ballet in the 1700s. Thank you
-
10(a) A shell of mass M is moving with speed V. An internal explosion generates an amount of energy E and breaks the shell into two portions whose masses are in the ratio m: m2. The fragments...
-
Sunflower Products has debt outstanding that has a market value of $211 million. The company's preferred stock has a market value of $125 million and the company's common stock has a market value of...
-
The Computer Equipment has an estimated useful life of 5.00 years. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The computer...
-
What do you mean by controllable costs? Give an example. What is a purchase requisition? To whom it is submitted? What are the objectives of Cost Accounting? Name any four techniques of inventory...
-
Wonderer Inc. incurred the following expenditures in 2020: Purchase of land with a dilapidated building at the beginning of the year (no significant value) P5,600,000 Land survey 208,000 Fees for...
-
The following problem will be used for the next few questions: Company sales (per salesperson) averages $85,000 nationwide. In California, the average is $86,000 (standard deviation of $6200) based...
-
Comptech Ltd is a manufacturer of optical equipment. In September 2019, Ed Thompson the Chief Research Officer, attended a conference in Switzerland that focused on optical developments for the 21st...
-
Presented below is the current liabilities section of Micro SE (amounts in thousands). Instructions Answer the following questions. a. What are the essential characteristics that make an item a...
-
The following facts relate to Alschuler plc. 1. Deferred tax liability, January 1, 2019, 40,000. 2. Deferred tax asset, January 1, 2019, 0. 3. Taxable income for 2019, 115,000. 4. Pretax financial...
-
The plant manager of a manufacturing firm suggested in a conference of the companys executives that accountants should speed up depreciation on the machinery in the finishing department because...
-
\(\sqrt{396}\) Simplify the square root by expressing it in lowest terms.
-
\(\sqrt{2,940}\) Simplify the square root by expressing it in lowest terms.
-
\(\sqrt{2,400}\) Simplify the square root by expressing it in lowest terms.
Study smarter with the SolutionInn App