The following balances were taken from the books of Luke Skywalker Corp. on December 31, 2022.

Interest Revenue	$86,000	Accumulated depreciation- equipment	$40,000
Cash	51,000	Accumulated depreciation- building	28,000
Sales revenue	1,380,000	Notes receivable	155,000
Accounts receivable	150,000	Selling expenses	194,000
Prepaid insurance	20,000	Accounts payable	170,000
Sales return & allowances	150,000	Bonds payable	100,000
Allowance for doubtful accounts	7,000	Administrative & general expenses	97,000
Sales discount	45,000	Accrued liabilities	32,000
Land	100,000	Interest expense	60,000
Equipment	200,000	Notes payable	100,000
Buildings	140,000	Loss from earthquake damage (extraordinary item)	150,000
Cost of goods sold	621,000	Common stocks	500,000
Retained Earnings	21,000

Assume the total effective tax rate on all items is 34%.

Instructions:

Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year.

Answer rating: 100% (QA)

Answer Items Sales Sales Revenue Amount 138000000 ... View the full answer