set up a multiple-step income statement; Based upon : 100,000 shares of common stock were outstanding during
Question:
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 depreciation—equip. $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%.
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso