$ 120,40071,4001,932,000$ 56,00039,200217,000271,600238,000140,000Interest revenueCashAccumulated depreciation-equipmentAccumulated depreciation–buildingNotes receivableSalesAccounts receivablePrepaid insuranceSales returns and allowancesAllowance for doubtful210,00028,000210,000Selling expensesAccounts payableBonds payableAdministrative and general9,80063,000140,000280,000196,000869,400135,80044,80084,000140,000210,000700,00029,400accountsSales discountsLandexpensesAccrued liabilitiesInterest expenseNotes payableLoss from earthquake damageCommon stockRetained earningsEquipmentBuildingCost of goods soldAssume the total effective tax rate on all items is 34%.InstructionsPrepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year.

The income statement explains the financial performance of the company for a particular period of…

$ 120,400 71,400 1,932,000 210,000 28,000 210,000 Interest revenue Cash Sales Accumulated depreciation-equipment Accumulated depreciation-building Notes receivable Accounts receivable Prepaid insurance Sales returns and allowances Selling expenses Accounts payable Bonds payable Administrative and general Allowance for doubtful 9,800 63,000 140,000 280,000 196,000 869,400 expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock accounts Sales discounts Land Equipment Building Cost of goods sold Retained earnings

$ 120,400 71,400 1,932,000 210,000 28,000 210,000 Interest revenue Cash Sales Accumulated depreciation-equipment Accumulated depreciation-building Notes receivable Accounts receivable Prepaid insurance Sales returns and allowances Selling expenses Accounts payable Bonds payable Administrative and general Allowance for doubtful 9,800 63,000 140,000 280,000 196,000 869,400 expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock accounts Sales discounts Land Equipment Building Cost of goods sold Retained earnings

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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