i have completed this in excel but would like to compare my answers 4. The following items are from the adjusted trial balance of GabAlec. on December 31,2020, the end of its annual accounting period. Assume an average25% income taxon all items. Weighted average shares of common stock outstanding for 2020 were10,000Selected Adjusted Trial Balance AmountsBal.$258,0802,400960800132,00054,40044,000(360-Sales revenue-Depreciation for the periodRent revenueGain on sale of investmentCost of goods soldSelling expensesGeneral and administrative expensesInterest revenueInterest expense600->- Loss on sale of investment8,800Prepare a multiple-step income statement for the 12 months ended December 31, 2020,including the earnings per share disclosure. Assume that rent revenue is a nonoperatingrevenue. (Round the per share amount to two decimal places.)SIRC0GS258 080132000

Multi-step income statement: It is the presentation of a normal income statement in a more detailed…

4. The following items are from the adjusted trial balance of GabAlec. on December 31, 2020, the end of its annual accounting period. Assume an average 25% income tax on all items. Weighted average shares of common stock outstanding for 2020 were 10,000 Selected Adjusted Trial Balance Amouunts Bal. $258,080 2,400 960 -Sales revenue -Depreciation for the period Rent revenue (800 132,000 54,400 44,000 360 Gain on sale of investment Cost of goods sold Selling expenses General and administrative expenses - Interest revenue Interest expense - Loss on sale of investment 600> 8,800 Prepare a multiple-step income statement for the 12 months ended December 31, 2020, including the earnings per share disclosure. Assume that rent revenue is a nonoperating revenue. (Round the per share amount to two decimal places.)

4. The following items are from the adjusted trial balance of GabAlec. on December 31, 2020, the end of its annual accounting period. Assume an average 25% income tax on all items. Weighted average shares of common stock outstanding for 2020 were 10,000 Selected Adjusted Trial Balance Amouunts Bal. $258,080 2,400 960 -Sales revenue -Depreciation for the period Rent revenue (800 132,000 54,400 44,000 360 Gain on sale of investment Cost of goods sold Selling expenses General and administrative expenses - Interest revenue Interest expense - Loss on sale of investment 600> 8,800 Prepare a multiple-step income statement for the 12 months ended December 31, 2020, including the earnings per share disclosure. Assume that rent revenue is a nonoperating revenue. (Round the per share amount to two decimal places.)

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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