The following balances were taken from the books of Blue Corp. on December 31, 2020.

Interest revenue		$88,050		Accumulated depreciation—equipment		$42,050
Cash		53,050		Accumulated depreciation—buildings		30,050
Sales revenue		1,382,050		Notes receivable		157,050
Accounts receivable		152,050		Selling expenses		196,050
Prepaid insurance		22,050		Accounts payable		172,050
Sales returns and allowances		152,050		Bonds payable		102,050
Allowance for doubtful accounts		9,050		Administrative and general expenses		99,050
Sales discounts		47,050		Accrued liabilities		34,050
Land		102,050		Interest expense		62,050
Equipment		202,050		Notes payable		102,050
Buildings		142,050		Loss from earthquake damage		152,050
Cost of goods sold		623,050		Common stock		502,050
				Retained earnings		23,050

Assume the total effective tax rate on all items is 20%.

Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.)

BLUE CORP. Income Statement choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
select an opening name for section one Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses
enter an income statement item		$enter a dollar amount
select between addition and deduction AddLess:
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name for section one Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses		enter a total amount for section one
enter an income statement item		enter a dollar amount
select a summarizing line for the first part Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses		enter a total amount for the first part
select an opening name for section two Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a summarizing line for the second part Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses		enter a total amount for the second part
select an opening name for section three Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses
enter an income statement item		enter a dollar amount
		enter a subtotal of the two previous amounts
select an opening name for section four Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses
enter an income statement item		enter a dollar amount
enter an income statement item		enter a dollar amount
select a summarizing line for the third part Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses		enter a total amount for the third part
enter an income statement item		enter a dollar amount
select a closing name for this statement Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses		enter a total net income or loss amount
Per share of common stock:
select an income statement item Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsIncome Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses		$enter a dollar amount rounded to 2 decimal places

Answer rating: 100% (QA)

BLUE CORP Income Statement For the Year Ended December 31 2020 Re... View the full answer