1) We did not sell any Marketable Securities 2) Proceeds from the sale of equipment, with...
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1) We did not sell any Marketable Securities 2) Proceeds from the sale of equipment, with a Cost of $34,000, was $20,000 3) The Long-term investments that were sold had NO cost basis, ie BV was zero 4) Gain on sale of Discontinued Operations was totally from Operations, NO assets were sold Between the trial balances and the additional information you are required to do the following: 1) The formal Multi-Step income statement for 2020 2) The formal statement of Retained earnings for 2020 3) The formal Classified Balance Sheet for 2020 4) The formal Statement of Cash Flows for 2020 5) Had the company had the following Comprehensive income items prepare the Schedule of Comprehensive income based upon the income arrived at in 1 above a) Foreign currency translation Gain of $10,000, net of tax b) Cost of Defined Benefits plans is $7,000, net of tax Allied Health Inc. Allied Health Inc. Adjusted Trial Balance Adjusted Trial Balance at December 31, 2020 at December 31, 2019 Account Name Debit Credit Debit Credit Cash 12,000 8,000 Marketable securities 75,000 50,000 Accounts Receivable 95,000 Inventory Prepaids Land 104,000 60,000 8,000 40,000 40,000 10,000 40,000 Building Accum Depr - Bldg Equipment Accum Depr - Equip 200,000 200,000 90,000 70,000 400,000 300,000 150,000 134,000 Patents 90,000 50,000 Long-term investments Accounts Payable Note payable - current Income Taxes Payable Salaries Payable Current Portion of LTD Long-term Debt, net Common Stock, $15 Par Paid in Capital Retained earnings 50,000 30,000 92,000 68,000 40,000 90,000 18,000 12,000 26,000 16,000 30,000 13,000 130,000 100,000 200,000 160,000 100,000 80,000 80,000 80,000 Dividends 20,000 Treasurey Stock Sales Revenue COGS Raw Material COGS Direct Labor COGS MFO Various Overhead Expenses COGS MFO Depreciation - Bldg COGS MFO Depreciation - Equip OE Various Operating Expense OE Depreciation - Bldg OE Depreciation - Equip Interest Expense 40,000 15,000 758,000 172,000 135,000 40,000 15,000 15,000 160,000 5,000 5,000 20,000 Income tax Expense 66,000 Income tax expense on discontinued operati Gain on Sale of Long Term Investments Gain on Discontinued operations Loss of Sale of Equipment Interest and Dividend Income Unrealized Loss on Mkt Securities Accumulated Other Comprehensive Income Total 5,000 5,000 20,000 10,000 4,000 3,000 15,000 15,000 1,754,000 1,754,000 838,000 838,000 1) We did not sell any Marketable Securities 2) Proceeds from the sale of equipment, with a Cost of $34,000, was $20,000 3) The Long-term investments that were sold had NO cost basis, ie BV was zero 4) Gain on sale of Discontinued Operations was totally from Operations, NO assets were sold Between the trial balances and the additional information you are required to do the following: 1) The formal Multi-Step income statement for 2020 2) The formal statement of Retained earnings for 2020 3) The formal Classified Balance Sheet for 2020 4) The formal Statement of Cash Flows for 2020 5) Had the company had the following Comprehensive income items prepare the Schedule of Comprehensive income based upon the income arrived at in 1 above a) Foreign currency translation Gain of $10,000, net of tax b) Cost of Defined Benefits plans is $7,000, net of tax Allied Health Inc. Allied Health Inc. Adjusted Trial Balance Adjusted Trial Balance at December 31, 2020 at December 31, 2019 Account Name Debit Credit Debit Credit Cash 12,000 8,000 Marketable securities 75,000 50,000 Accounts Receivable 95,000 Inventory Prepaids Land 104,000 60,000 8,000 40,000 40,000 10,000 40,000 Building Accum Depr - Bldg Equipment Accum Depr - Equip 200,000 200,000 90,000 70,000 400,000 300,000 150,000 134,000 Patents 90,000 50,000 Long-term investments Accounts Payable Note payable - current Income Taxes Payable Salaries Payable Current Portion of LTD Long-term Debt, net Common Stock, $15 Par Paid in Capital Retained earnings 50,000 30,000 92,000 68,000 40,000 90,000 18,000 12,000 26,000 16,000 30,000 13,000 130,000 100,000 200,000 160,000 100,000 80,000 80,000 80,000 Dividends 20,000 Treasurey Stock Sales Revenue COGS Raw Material COGS Direct Labor COGS MFO Various Overhead Expenses COGS MFO Depreciation - Bldg COGS MFO Depreciation - Equip OE Various Operating Expense OE Depreciation - Bldg OE Depreciation - Equip Interest Expense 40,000 15,000 758,000 172,000 135,000 40,000 15,000 15,000 160,000 5,000 5,000 20,000 Income tax Expense 66,000 Income tax expense on discontinued operati Gain on Sale of Long Term Investments Gain on Discontinued operations Loss of Sale of Equipment Interest and Dividend Income Unrealized Loss on Mkt Securities Accumulated Other Comprehensive Income Total 5,000 5,000 20,000 10,000 4,000 3,000 15,000 15,000 1,754,000 1,754,000 838,000 838,000 1) We did not sell any Marketable Securities 2) Proceeds from the sale of equipment, with a Cost of $34,000, was $20,000 3) The Long-term investments that were sold had NO cost basis, ie BV was zero 4) Gain on sale of Discontinued Operations was totally from Operations, NO assets were sold Between the trial balances and the additional information you are required to do the following: 1) The formal Multi-Step income statement for 2020 2) The formal statement of Retained earnings for 2020 3) The formal Classified Balance Sheet for 2020 4) The formal Statement of Cash Flows for 2020 5) Had the company had the following Comprehensive income items prepare the Schedule of Comprehensive income based upon the income arrived at in 1 above a) Foreign currency translation Gain of $10,000, net of tax b) Cost of Defined Benefits plans is $7,000, net of tax Allied Health Inc. Allied Health Inc. Adjusted Trial Balance Adjusted Trial Balance at December 31, 2020 at December 31, 2019 Account Name Debit Credit Debit Credit Cash 12,000 8,000 Marketable securities 75,000 50,000 Accounts Receivable 95,000 Inventory Prepaids Land 104,000 60,000 8,000 40,000 40,000 10,000 40,000 Building Accum Depr - Bldg Equipment Accum Depr - Equip 200,000 200,000 90,000 70,000 400,000 300,000 150,000 134,000 Patents 90,000 50,000 Long-term investments Accounts Payable Note payable - current Income Taxes Payable Salaries Payable Current Portion of LTD Long-term Debt, net Common Stock, $15 Par Paid in Capital Retained earnings 50,000 30,000 92,000 68,000 40,000 90,000 18,000 12,000 26,000 16,000 30,000 13,000 130,000 100,000 200,000 160,000 100,000 80,000 80,000 80,000 Dividends 20,000 Treasurey Stock Sales Revenue COGS Raw Material COGS Direct Labor COGS MFO Various Overhead Expenses COGS MFO Depreciation - Bldg COGS MFO Depreciation - Equip OE Various Operating Expense OE Depreciation - Bldg OE Depreciation - Equip Interest Expense 40,000 15,000 758,000 172,000 135,000 40,000 15,000 15,000 160,000 5,000 5,000 20,000 Income tax Expense 66,000 Income tax expense on discontinued operati Gain on Sale of Long Term Investments Gain on Discontinued operations Loss of Sale of Equipment Interest and Dividend Income Unrealized Loss on Mkt Securities Accumulated Other Comprehensive Income Total 5,000 5,000 20,000 10,000 4,000 3,000 15,000 15,000 1,754,000 1,754,000 838,000 838,000 1) We did not sell any Marketable Securities 2) Proceeds from the sale of equipment, with a Cost of $34,000, was $20,000 3) The Long-term investments that were sold had NO cost basis, ie BV was zero 4) Gain on sale of Discontinued Operations was totally from Operations, NO assets were sold Between the trial balances and the additional information you are required to do the following: 1) The formal Multi-Step income statement for 2020 2) The formal statement of Retained earnings for 2020 3) The formal Classified Balance Sheet for 2020 4) The formal Statement of Cash Flows for 2020 5) Had the company had the following Comprehensive income items prepare the Schedule of Comprehensive income based upon the income arrived at in 1 above a) Foreign currency translation Gain of $10,000, net of tax b) Cost of Defined Benefits plans is $7,000, net of tax Allied Health Inc. Allied Health Inc. Adjusted Trial Balance Adjusted Trial Balance at December 31, 2020 at December 31, 2019 Account Name Debit Credit Debit Credit Cash 12,000 8,000 Marketable securities 75,000 50,000 Accounts Receivable 95,000 Inventory Prepaids Land 104,000 60,000 8,000 40,000 40,000 10,000 40,000 Building Accum Depr - Bldg Equipment Accum Depr - Equip 200,000 200,000 90,000 70,000 400,000 300,000 150,000 134,000 Patents 90,000 50,000 Long-term investments Accounts Payable Note payable - current Income Taxes Payable Salaries Payable Current Portion of LTD Long-term Debt, net Common Stock, $15 Par Paid in Capital Retained earnings 50,000 30,000 92,000 68,000 40,000 90,000 18,000 12,000 26,000 16,000 30,000 13,000 130,000 100,000 200,000 160,000 100,000 80,000 80,000 80,000 Dividends 20,000 Treasurey Stock Sales Revenue COGS Raw Material COGS Direct Labor COGS MFO Various Overhead Expenses COGS MFO Depreciation - Bldg COGS MFO Depreciation - Equip OE Various Operating Expense OE Depreciation - Bldg OE Depreciation - Equip Interest Expense 40,000 15,000 758,000 172,000 135,000 40,000 15,000 15,000 160,000 5,000 5,000 20,000 Income tax Expense 66,000 Income tax expense on discontinued operati Gain on Sale of Long Term Investments Gain on Discontinued operations Loss of Sale of Equipment Interest and Dividend Income Unrealized Loss on Mkt Securities Accumulated Other Comprehensive Income Total 5,000 5,000 20,000 10,000 4,000 3,000 15,000 15,000 1,754,000 1,754,000 838,000 838,000 1) We did not sell any Marketable Securities 2) Proceeds from the sale of equipment, with a Cost of $34,000, was $20,000 3) The Long-term investments that were sold had NO cost basis, ie BV was zero 4) Gain on sale of Discontinued Operations was totally from Operations, NO assets were sold Between the trial balances and the additional information you are required to do the following: 1) The formal Multi-Step income statement for 2020 2) The formal statement of Retained earnings for 2020 3) The formal Classified Balance Sheet for 2020 4) The formal Statement of Cash Flows for 2020 5) Had the company had the following Comprehensive income items prepare the Schedule of Comprehensive income based upon the income arrived at in 1 above a) Foreign currency translation Gain of $10,000, net of tax b) Cost of Defined Benefits plans is $7,000, net of tax Allied Health Inc. Allied Health Inc. Adjusted Trial Balance Adjusted Trial Balance at December 31, 2020 at December 31, 2019 Account Name Debit Credit Debit Credit Cash 12,000 8,000 Marketable securities 75,000 50,000 Accounts Receivable 95,000 Inventory Prepaids Land 104,000 60,000 8,000 40,000 40,000 10,000 40,000 Building Accum Depr - Bldg Equipment Accum Depr - Equip 200,000 200,000 90,000 70,000 400,000 300,000 150,000 134,000 Patents 90,000 50,000 Long-term investments Accounts Payable Note payable - current Income Taxes Payable Salaries Payable Current Portion of LTD Long-term Debt, net Common Stock, $15 Par Paid in Capital Retained earnings 50,000 30,000 92,000 68,000 40,000 90,000 18,000 12,000 26,000 16,000 30,000 13,000 130,000 100,000 200,000 160,000 100,000 80,000 80,000 80,000 Dividends 20,000 Treasurey Stock Sales Revenue COGS Raw Material COGS Direct Labor COGS MFO Various Overhead Expenses COGS MFO Depreciation - Bldg COGS MFO Depreciation - Equip OE Various Operating Expense OE Depreciation - Bldg OE Depreciation - Equip Interest Expense 40,000 15,000 758,000 172,000 135,000 40,000 15,000 15,000 160,000 5,000 5,000 20,000 Income tax Expense 66,000 Income tax expense on discontinued operati Gain on Sale of Long Term Investments Gain on Discontinued operations Loss of Sale of Equipment Interest and Dividend Income Unrealized Loss on Mkt Securities Accumulated Other Comprehensive Income Total 5,000 5,000 20,000 10,000 4,000 3,000 15,000 15,000 1,754,000 1,754,000 838,000 838,000 1) We did not sell any Marketable Securities 2) Proceeds from the sale of equipment, with a Cost of $34,000, was $20,000 3) The Long-term investments that were sold had NO cost basis, ie BV was zero 4) Gain on sale of Discontinued Operations was totally from Operations, NO assets were sold Between the trial balances and the additional information you are required to do the following: 1) The formal Multi-Step income statement for 2020 2) The formal statement of Retained earnings for 2020 3) The formal Classified Balance Sheet for 2020 4) The formal Statement of Cash Flows for 2020 5) Had the company had the following Comprehensive income items prepare the Schedule of Comprehensive income based upon the income arrived at in 1 above a) Foreign currency translation Gain of $10,000, net of tax b) Cost of Defined Benefits plans is $7,000, net of tax Allied Health Inc. Allied Health Inc. Adjusted Trial Balance Adjusted Trial Balance at December 31, 2020 at December 31, 2019 Account Name Debit Credit Debit Credit Cash 12,000 8,000 Marketable securities 75,000 50,000 Accounts Receivable 95,000 Inventory Prepaids Land 104,000 60,000 8,000 40,000 40,000 10,000 40,000 Building Accum Depr - Bldg Equipment Accum Depr - Equip 200,000 200,000 90,000 70,000 400,000 300,000 150,000 134,000 Patents 90,000 50,000 Long-term investments Accounts Payable Note payable - current Income Taxes Payable Salaries Payable Current Portion of LTD Long-term Debt, net Common Stock, $15 Par Paid in Capital Retained earnings 50,000 30,000 92,000 68,000 40,000 90,000 18,000 12,000 26,000 16,000 30,000 13,000 130,000 100,000 200,000 160,000 100,000 80,000 80,000 80,000 Dividends 20,000 Treasurey Stock Sales Revenue COGS Raw Material COGS Direct Labor COGS MFO Various Overhead Expenses COGS MFO Depreciation - Bldg COGS MFO Depreciation - Equip OE Various Operating Expense OE Depreciation - Bldg OE Depreciation - Equip Interest Expense 40,000 15,000 758,000 172,000 135,000 40,000 15,000 15,000 160,000 5,000 5,000 20,000 Income tax Expense 66,000 Income tax expense on discontinued operati Gain on Sale of Long Term Investments Gain on Discontinued operations Loss of Sale of Equipment Interest and Dividend Income Unrealized Loss on Mkt Securities Accumulated Other Comprehensive Income Total 5,000 5,000 20,000 10,000 4,000 3,000 15,000 15,000 1,754,000 1,754,000 838,000 838,000 1) We did not sell any Marketable Securities 2) Proceeds from the sale of equipment, with a Cost of $34,000, was $20,000 3) The Long-term investments that were sold had NO cost basis, ie BV was zero 4) Gain on sale of Discontinued Operations was totally from Operations, NO assets were sold Between the trial balances and the additional information you are required to do the following: 1) The formal Multi-Step income statement for 2020 2) The formal statement of Retained earnings for 2020 3) The formal Classified Balance Sheet for 2020 4) The formal Statement of Cash Flows for 2020 5) Had the company had the following Comprehensive income items prepare the Schedule of Comprehensive income based upon the income arrived at in 1 above a) Foreign currency translation Gain of $10,000, net of tax b) Cost of Defined Benefits plans is $7,000, net of tax Allied Health Inc. Allied Health Inc. Adjusted Trial Balance Adjusted Trial Balance at December 31, 2020 at December 31, 2019 Account Name Debit Credit Debit Credit Cash 12,000 8,000 Marketable securities 75,000 50,000 Accounts Receivable 95,000 Inventory Prepaids Land 104,000 60,000 8,000 40,000 40,000 10,000 40,000 Building Accum Depr - Bldg Equipment Accum Depr - Equip 200,000 200,000 90,000 70,000 400,000 300,000 150,000 134,000 Patents 90,000 50,000 Long-term investments Accounts Payable Note payable - current Income Taxes Payable Salaries Payable Current Portion of LTD Long-term Debt, net Common Stock, $15 Par Paid in Capital Retained earnings 50,000 30,000 92,000 68,000 40,000 90,000 18,000 12,000 26,000 16,000 30,000 13,000 130,000 100,000 200,000 160,000 100,000 80,000 80,000 80,000 Dividends 20,000 Treasurey Stock Sales Revenue COGS Raw Material COGS Direct Labor COGS MFO Various Overhead Expenses COGS MFO Depreciation - Bldg COGS MFO Depreciation - Equip OE Various Operating Expense OE Depreciation - Bldg OE Depreciation - Equip Interest Expense 40,000 15,000 758,000 172,000 135,000 40,000 15,000 15,000 160,000 5,000 5,000 20,000 Income tax Expense 66,000 Income tax expense on discontinued operati Gain on Sale of Long Term Investments Gain on Discontinued operations Loss of Sale of Equipment Interest and Dividend Income Unrealized Loss on Mkt Securities Accumulated Other Comprehensive Income Total 5,000 5,000 20,000 10,000 4,000 3,000 15,000 15,000 1,754,000 1,754,000 838,000 838,000 1) We did not sell any Marketable Securities 2) Proceeds from the sale of equipment, with a Cost of $34,000, was $20,000 3) The Long-term investments that were sold had NO cost basis, ie BV was zero 4) Gain on sale of Discontinued Operations was totally from Operations, NO assets were sold Between the trial balances and the additional information you are required to do the following: 1) The formal Multi-Step income statement for 2020 2) The formal statement of Retained earnings for 2020 3) The formal Classified Balance Sheet for 2020 4) The formal Statement of Cash Flows for 2020 5) Had the company had the following Comprehensive income items prepare the Schedule of Comprehensive income based upon the income arrived at in 1 above a) Foreign currency translation Gain of $10,000, net of tax b) Cost of Defined Benefits plans is $7,000, net of tax Allied Health Inc. Allied Health Inc. Adjusted Trial Balance Adjusted Trial Balance at December 31, 2020 at December 31, 2019 Account Name Debit Credit Debit Credit Cash 12,000 8,000 Marketable securities 75,000 50,000 Accounts Receivable 95,000 Inventory Prepaids Land 104,000 60,000 8,000 40,000 40,000 10,000 40,000 Building Accum Depr - Bldg Equipment Accum Depr - Equip 200,000 200,000 90,000 70,000 400,000 300,000 150,000 134,000 Patents 90,000 50,000 Long-term investments Accounts Payable Note payable - current Income Taxes Payable Salaries Payable Current Portion of LTD Long-term Debt, net Common Stock, $15 Par Paid in Capital Retained earnings 50,000 30,000 92,000 68,000 40,000 90,000 18,000 12,000 26,000 16,000 30,000 13,000 130,000 100,000 200,000 160,000 100,000 80,000 80,000 80,000 Dividends 20,000 Treasurey Stock Sales Revenue COGS Raw Material COGS Direct Labor COGS MFO Various Overhead Expenses COGS MFO Depreciation - Bldg COGS MFO Depreciation - Equip OE Various Operating Expense OE Depreciation - Bldg OE Depreciation - Equip Interest Expense 40,000 15,000 758,000 172,000 135,000 40,000 15,000 15,000 160,000 5,000 5,000 20,000 Income tax Expense 66,000 Income tax expense on discontinued operati Gain on Sale of Long Term Investments Gain on Discontinued operations Loss of Sale of Equipment Interest and Dividend Income Unrealized Loss on Mkt Securities Accumulated Other Comprehensive Income Total 5,000 5,000 20,000 10,000 4,000 3,000 15,000 15,000 1,754,000 1,754,000 838,000 838,000
Expert Answer:
Answer rating: 100% (QA)
1 Multistep Income Statement for 2020 Particulars Amount Sales 75800000 Less Cost of Goods Sold All COGS expenses 37700000 Gross Profit 38100000 Operating Expenses All OE OE Various Operating Expense ... View the full answer
Related Book For
College Mathematics for Business Economics Life Sciences and Social Sciences
ISBN: 978-0321614001
12th edition
Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen
Posted Date:
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