The Following balances were taken from the books of Jackson Furniture Corporation on December 31,2021 R.O...

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The Following balances were taken from the books of Jackson Furniture Corporation on December 31,2021 R.O 150,000 Loss on Impairment of plant assets 32,000 Prepaid Insurance 97,000 Sales 621,000 Sales Discount Sales Returns and allowances Selling Expenses Accounts receivable Accrued Liabilities Administrative Expenses Cost of goods sold Interest Expenses Interest Revenue Land 60,000 86,000 100,000 R.O 120,000 20,000 1,280,000 45,000 150,000 194,000 a) Assume the total effective tax rate on all items is 34 % b) Prepare an Income statement; 100,000 ordinary shares were outstanding during the year The Following balances were taken from the books of Jackson Furniture Corporation on December 31,2021 R.O 150,000 Loss on Impairment of plant assets 32,000 Prepaid Insurance 97,000 Sales 621,000 Sales Discount Sales Returns and allowances Selling Expenses Accounts receivable Accrued Liabilities Administrative Expenses Cost of goods sold Interest Expenses Interest Revenue Land 60,000 86,000 100,000 R.O 120,000 20,000 1,280,000 45,000 150,000 194,000 a) Assume the total effective tax rate on all items is 34 % b) Prepare an Income statement; 100,000 ordinary shares were outstanding during the year

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Jackson Furniture Corporation Income Statement For the Year Ended December 31 2021 Revenues Sales 12... View the full answer