Question: Hello, I need help on how to set this up. Please advise. Thank you! I NTERM. ACCOUNTING 1101: Chapter 4 HW Assignment Chap 4: Prob

Hello, I need help on how to set this up. Please advise. Thank you!

INTERM. ACCOUNTING 1101: Chapter 4 HW Assignment

Chap 4: Prob 1: (Multiple-step & Extraordinary Items) These balances were taken from the accounting books of Sammy's Corporation. on December 31, 20XX.

I need to set up a multiple-step income statement;

Based upon : 100,000 shares of common stock were outstanding during the year.

Interest revenue was $120,400 *

Accumulated depreciationequip. $56,000

Cash $71,400

Accumulated depreciation: building $39,200

Sales $1,932,000 *

Notes receivable $217,000

Accts receivable $210,000

Selling exp. $271,600 *

Prepaid insurance $28,000

Accts payable $238,000

Sales returns & allowances $210,000 *

Bonds payable $140,000

Allowance for doubtful administrative and general accounts $9,800 expenses $135,800

Allowance for doubtful accts $9,800?

Administrative & General Expenses $135,800?

Sales discounts $63,000 *

Accrued liabilities $44,800

Land $140,000

Interest exp. $84,000

Equipment $280,000

Notes payable $140,000

Building $196,000

Loss from earthquake damage $210,000

Cost of goods sold $869,400 *

Common stock $700,000

Retained earnings $29,400

Let's say the tax rate on all items would be 34%.

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