In 2022, Wilson began with $1,000 in its asset account, supplies. During the year, $6,500 in supplies were purchased and debited to supplies. At year-end, supplies costing $1,250 remain on hand. Use this information to answer the following questions: The partial trial balance of Avs Inc. included the following accounts as of December 31, 2022: Debits Credits Sales revenue 8,400,000 Dividend revenue 60,000 Gain on sale of land 120,000 Unearned revenue 3,600 Interest payable 22,000 Sales discount 200,000 Cost of goods sold 6,100,000 Selling expenses 600,000 Interest expense 30,000 General and administrative expenses 500,000 Cash 185,000 Accounts receivable 195,000 225.000 Interest receivable 5,000 Prepaid expense 4,500 Avs' business segment, Division A, was sold at a pretax gain of 15,000 on July 1, 2022. It had earned a $12,000 pretax operating income from January 1, 2022, to the disposal date. Queen had 300,000 shares of common stock outstanding throughout the year. Income tax expense has not yet been accrued, so you have to compute and report it. The effective tax rate is 40%. 25) 

Required: Prepare a 2022 multiple-step income statement for AVS Inc. with earnings per share disclosure. No credit for single-step income statement.

Answer rating: 100% (QA)

Beginning balance of Supplies Add ... View the full answer