The following balances were taken from the books of Splish Corp. on December 31, 2020. Interest...
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The following balances were taken from the books of Splish Corp. on December 31, 2020. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $88,150 53,150 1,382,150 Accumulated depreciation-equipment $42,150 Accumulated depreciation-buildings 30,150 157,150 196,150 172,150 102,150 99,150 34,150 62,150 102,150 142,150 623,150 Notes receivable Selling expenses Accounts payable Bonds payable 152,150 22,150 152,150 9,150 Administrative and general expenses 47,150 102,150 202,150 Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings Assume the total effective tax rate on all items is 20%. 152,150 502,150 23,150 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.) Sales Sales Revenue Less : Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold Gross Profit/ (Loss) Operating Expenses Selling Expenses Administrative Expenses Income From Operations Income Before Income Tax Interest Revenue. SPLISH CORP. Income Statement For the Year Ended December 31, 2020 BA 152150 47150 196150 99150 MI MI EA 1382150 1182850 1182850 623150 i 559700 295300 264400 147 Sales Sales Revenue Less : Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold Gross Profit/ (Loss) Operating Expenses Selling Expenses Administrative Expenses Income From Operations Income Before Income Tax Interest Revenue. SPLISH CORP. Income Statement For the Year Ended December 31, 2020 BA 152150 47150 196150 99150 MI MI EA 1382150 1182850 1182850 623150 i 559700 295300 264400 147 Selling Expenses Administrative Expenses Income From Operations Income Before Income Tax Interest Revenue Net Income /(Loss) Per share of common stock: Earnings Per Common Share List of Accounts + Accumulated Depreciation-Equipment Administrative Expenses Bad Debt Expense 196150 99150 $ 295300 264400 The following balances were taken from the books of Splish Corp. on December 31, 2020. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $88,150 53,150 1,382,150 Accumulated depreciation-equipment $42,150 Accumulated depreciation-buildings 30,150 157,150 196,150 172,150 102,150 99,150 34,150 62,150 102,150 142,150 623,150 Notes receivable Selling expenses Accounts payable Bonds payable 152,150 22,150 152,150 9,150 Administrative and general expenses 47,150 102,150 202,150 Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings Assume the total effective tax rate on all items is 20%. 152,150 502,150 23,150 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.) Sales Sales Revenue Less : Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold Gross Profit/ (Loss) Operating Expenses Selling Expenses Administrative Expenses Income From Operations Income Before Income Tax Interest Revenue. SPLISH CORP. Income Statement For the Year Ended December 31, 2020 BA 152150 47150 196150 99150 MI MI EA 1382150 1182850 1182850 623150 i 559700 295300 264400 147 Sales Sales Revenue Less : Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold Gross Profit/ (Loss) Operating Expenses Selling Expenses Administrative Expenses Income From Operations Income Before Income Tax Interest Revenue. SPLISH CORP. Income Statement For the Year Ended December 31, 2020 BA 152150 47150 196150 99150 MI MI EA 1382150 1182850 1182850 623150 i 559700 295300 264400 147 Selling Expenses Administrative Expenses Income From Operations Income Before Income Tax Interest Revenue Net Income /(Loss) Per share of common stock: Earnings Per Common Share List of Accounts + Accumulated Depreciation-Equipment Administrative Expenses Bad Debt Expense 196150 99150 $ 295300 264400
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Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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