Corey's Cookie Company provided the following accounts from its year-end trial balance. (Click the icon to...
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Corey's Cookie Company provided the following accounts from its year-end trial balance. (Click the icon to view the year-end trial balance accounts.) The company is subject to a 30% income tax rate. Requirement Prepare a multiple-step income statement for the current year. Sales Corey's Cookie Company Statement of Net Income For the Current Year Ended Less: Cost of Goods Sold Gross Profit Income From Continuing Operations Before Tax Operating Expenses: Selling Expenses Sales Salaries Expense Advertising Expense Operating Income Interest Income Dividend Income Gain on Disposal of Plant Assets Unrealized Gain on Trading Securities Gain on Sale of Discontinued Operations-Net of Tax Unrealized Gain on Available-for-Sale Bonds Income From Continuing Operations Before Tax $ 3,200,000 (510,000) $ 39,000 25,000 88000 5000 5000 88000 41000 58000 4100 $ 2,690,000 152000 201100 2336900 Corey's Cookie Company Adjusted Trial Balance (Selected Accounts) For the Current Year Ended Account Common Stock (no par): Beginning Balance Retained Earnings: Beginning Balance Accumulated Other Comprehensive Income: Beginning Balance Dividends Sales Interest Income Dividend Income Gain on Disposal of Plant Assets Unrealized Gain on Trading Securities Gain on Sale of Discontinued Operations-Before Tax Unrealized Gain on Available-for-Sale Bonds-Before Tax Cost of Goods Sold Selling Expenses Office Salaries Expense Legal Fees-General Debit 71,000 59,000 510,000 39,000 71,000 8,600 Credit $ 470,000 1,900,000 3,200,000 5,000 5,000 88,000 41,000 58,000 4,100 Sales Interest Income Dividend Income Gain on Disposal of Plant Assets Unrealized Gain on Trading Securities Gain on Sale of Discontinued Operations-Before Tax Unrealized Gain on Available-for-Sale Bonds Before Tax Cost of Goods Sold Selling Expenses Office Salaries Expense Legal Fees-General Sales Salaries Expense Advertising Expense Office Supplies Expense Accounting Fees-Administrative Amortization Expense-General Depreciation Expense-General Interest Expense Loss on Asset Impairment 510,000 39,000 71,000 8,600 25,000 31,000 66,000 16,000 32,000 37,000 7,900 9,000 3,200,000 5,000 5,000 88,000 41,000 58,000 4,100 Corey's Cookie Company provided the following accounts from its year-end trial balance. (Click the icon to view the year-end trial balance accounts.) The company is subject to a 30% income tax rate. Requirement Prepare a multiple-step income statement for the current year. Sales Corey's Cookie Company Statement of Net Income For the Current Year Ended Less: Cost of Goods Sold Gross Profit Income From Continuing Operations Before Tax Operating Expenses: Selling Expenses Sales Salaries Expense Advertising Expense Operating Income Interest Income Dividend Income Gain on Disposal of Plant Assets Unrealized Gain on Trading Securities Gain on Sale of Discontinued Operations-Net of Tax Unrealized Gain on Available-for-Sale Bonds Income From Continuing Operations Before Tax $ 3,200,000 (510,000) $ 39,000 25,000 88000 5000 5000 88000 41000 58000 4100 $ 2,690,000 152000 201100 2336900 Corey's Cookie Company Adjusted Trial Balance (Selected Accounts) For the Current Year Ended Account Common Stock (no par): Beginning Balance Retained Earnings: Beginning Balance Accumulated Other Comprehensive Income: Beginning Balance Dividends Sales Interest Income Dividend Income Gain on Disposal of Plant Assets Unrealized Gain on Trading Securities Gain on Sale of Discontinued Operations-Before Tax Unrealized Gain on Available-for-Sale Bonds-Before Tax Cost of Goods Sold Selling Expenses Office Salaries Expense Legal Fees-General Debit 71,000 59,000 510,000 39,000 71,000 8,600 Credit $ 470,000 1,900,000 3,200,000 5,000 5,000 88,000 41,000 58,000 4,100 Sales Interest Income Dividend Income Gain on Disposal of Plant Assets Unrealized Gain on Trading Securities Gain on Sale of Discontinued Operations-Before Tax Unrealized Gain on Available-for-Sale Bonds Before Tax Cost of Goods Sold Selling Expenses Office Salaries Expense Legal Fees-General Sales Salaries Expense Advertising Expense Office Supplies Expense Accounting Fees-Administrative Amortization Expense-General Depreciation Expense-General Interest Expense Loss on Asset Impairment 510,000 39,000 71,000 8,600 25,000 31,000 66,000 16,000 32,000 37,000 7,900 9,000 3,200,000 5,000 5,000 88,000 41,000 58,000 4,100
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Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
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