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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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Thayer Corporation provides online and hardcopy resources for homeschoolers in grades prek-12. Each grade level is considered a separate division. Thayer Corporation's capital structure consists of 150,000 shares of $1 par common stock authorized, issued, and outstanding. The accountant for Thayer compiled the following partial list of account balances (all normal balances) at December 31, 2022: Sales revenue Loss on operations of Prek Division Gain on disposal of Prek Division. Selling expenses Cash Accounts receivable Common stock Cost of goods sold Accumulated depreciation-Building Dividend revenue Uneamed service revenue Interest payable Building Patents Retained eamings, January 1, 2022 Interest expense Administrative expenses Notes payable (maturity 7/1/23) Machinery Inventory Accounts payable $3.500.000 60.000 30.000 530.000 60.000 20.000 150.000 1.250.000 180.000 5.000 14.000 1.000 2,000,000 100.000 150,000 15.000 370.000 200,000 450,000 640.000 160,000 Thayer Corporation decided to discontinue its Prek Division. On July 1, Thayer sold the Prek Division to ABC Mouse. The income tax rate is 20%. REQUIRED: On the following page, prepare in good form the multiple-step income statement for Thayer Corporation, including the per share amounts.
Transcribed Image Text:Thayer Corporation provides online and hardcopy resources for homeschoolers in grades prek-12. Each grade level is considered a separate division. Thayer Corporation's capital structure consists of 150,000 shares of $1 par common stock authorized, issued, and outstanding. The accountant for Thayer compiled the following partial list of account balances (all normal balances) at December 31, 2022: Sales revenue Loss on operations of Prek Division Gain on disposal of Prek Division. Selling expenses Cash Accounts receivable Common stock Cost of goods sold Accumulated depreciation-Building Dividend revenue Uneamed service revenue Interest payable Building Patents Retained eamings, January 1, 2022 Interest expense Administrative expenses Notes payable (maturity 7/1/23) Machinery Inventory Accounts payable $3.500.000 60.000 30.000 530.000 60.000 20.000 150.000 1.250.000 180.000 5.000 14.000 1.000 2,000,000 100.000 150,000 15.000 370.000 200,000 450,000 640.000 160,000 Thayer Corporation decided to discontinue its Prek Division. On July 1, Thayer sold the Prek Division to ABC Mouse. The income tax rate is 20%. REQUIRED: On the following page, prepare in good form the multiple-step income statement for Thayer Corporation, including the per share amounts.
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