The following balances were taken from Vaughn Corp.'s books as of December 31, 2020. The return on
Question:
The following balances were taken from Vaughn Corp.'s books as of December 31, 2020.
The return on an investment | $87,700 | Accumulated Depreciation—Equipment | $41,700 | |||
---|---|---|---|---|---|---|
Money | 52,700 | Accumulated Depreciation—Buildings | 29,700 | |||
sales revenue | 1,381,700 | billable documents | 156,700 | |||
accounts receivable | 151,700 | selling expenses | 195,700 | |||
prepaid insurance | 21,700 | Accounts payable | 171,700 | |||
Sales returns and benefits | 151,700 | Obligations with the public | 101,700 | |||
Allowance for doubtful accounts | 8,700 | Administrative and general expenses | 98,700 | |||
sales discounts | 46,700 | Accrued Obligations | 33,700 | |||
Tierra | 101,700 | Interest expenses | 61,700 | |||
Equipment | 201,700 | Pay | 101,700 | |||
Buildings | 141.700 | earthquake damage loss | 151,700 | |||
cost of goods sold | 622,700 | Common actions | 501,700 | |||
Retained earnings | 22,700 |
Assume that the total effective tax rate on all items is 20%.
Prepare a multi-step income statement; 100,000 common shares were outstanding during the year.
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield