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4. (Multiple-step and Extraordinary Items) The following balances were taken from the books of Schimank Corp. on December 31, 2017. Interest revenue Cash Sales Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildis $ 120,400 71,400 1,932,000 210,000 28,000 210,000 9,800 63,000 140,000 280,000 106000 Accumulated depreciation-equipment Accumulated depreciation building Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable $ 56,000 39,200 217,000 271,600 238,000 140,000 135,800 44,800 84,000 140,000 210.000

4. (Multiple-step and Extraordinary Items) The following balances were taken from the books of Schimank Corp. on December 31, 2017. Interest revenue Cash Sales Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildis $ 120,400 71,400 1,932,000 210,000 28,000 210,000 9,800 63,000 140,000 280,000 106000 Accumulated depreciation-equipment Accumulated depreciation building Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable $ 56,000 39,200 217,000 271,600 238,000 140,000 135,800 44,800 84,000 140,000 210.000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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4.(Multiple-step and Extraordinary Items) The following balances were taken from the books of Schimank Corp. on December 31, 2017. Interest revenue Cash Sales Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Building Cost of goods sold $ 120,400 71,400 1,932,000 210,000 28,000 210,000 9,800 63,000 140,000 280,000 196,000 869,400 Accumulated depreciation equipment Accumulated depreciation-building Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $ 56,000 39,200 217,000 271,600 238,000 140,000 135,800 44,800 84,000 140,000 210,000 700,000 29,400 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.
Transcribed Image Text:4.(Multiple-step and Extraordinary Items) The following balances were taken from the books of Schimank Corp. on December 31, 2017. Interest revenue Cash Sales Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Building Cost of goods sold $ 120,400 71,400 1,932,000 210,000 28,000 210,000 9,800 63,000 140,000 280,000 196,000 869,400 Accumulated depreciation equipment Accumulated depreciation-building Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $ 56,000 39,200 217,000 271,600 238,000 140,000 135,800 44,800 84,000 140,000 210,000 700,000 29,400 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.
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