The following selected items are taken from the accounting records of Amick Corp. at December 31....
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The following selected items are taken from the accounting records of Amick Corp. at December 31. Sales revenue Cost of goods sold Dividends received on investment in stocks Interest expense Loss on sale of investments Promotion expense Shipping expense Depreciation (50% selling, 50% general and administrative) Salaries (general and administrative) Other general and administrative expenss Salaries (selling) Interest revenue Income tax rate Number of common stock shares $1,520,000 920,000 10,400 6,720 76,800 24,000 40,000 32,000 128,000 36,800 136,480 4,000 25% 20,000 a. Prepare a single-step income statement (including earnings per share). Include income taxes in its own section. b. Prepare a multiple-step income statement (including earnings per share). The following selected items are taken from the accounting records of Amick Corp. at December 31. Sales revenue Cost of goods sold Dividends received on investment in stocks Interest expense Loss on sale of investments Promotion expense Shipping expense Depreciation (50% selling, 50% general and administrative) Salaries (general and administrative) Other general and administrative expenss Salaries (selling) Interest revenue Income tax rate Number of common stock shares $1,520,000 920,000 10,400 6,720 76,800 24,000 40,000 32,000 128,000 36,800 136,480 4,000 25% 20,000 a. Prepare a single-step income statement (including earnings per share). Include income taxes in its own section. b. Prepare a multiple-step income statement (including earnings per share).
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a SingleStep Income Statement including earnings per share Amick Corp Income Statement For the Year ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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