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Attached is information from the accounting records of Burgundy Corporation for the year ending October 31, 20X3. The company had 125,000 weighted average common shares of stock outstanding during the year.

Attached is information from the accounting records of Burgundy Corporation for the year ending October 31, 20X3. The company had 125,000 weighted average common shares of stock outstanding during the year.

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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Attached is information from the accounting records of Burgundy Corporation for the year ending October 31, 20X3. The company had 125,000 weighted average common shares of stock outstanding during the year. CO the REQUIRED: Using the attached form, prepare a multiple step income statement, in proper form. for Burgundy Corporation for the year ending October 31, 20X3. BURGUNDY CORPORATION SELECTED ACCOUNTS FROM ACCOUNTING RECORDS FOR FISCAL YEAR ENDING OCTOBER 31, 20X3 Loss on Sale of Land (a site adjacent to manufacturing facility, used for parking) Cost of Goods Sold Interest Revenue Other Miscellaneous Revenue Income Tax Expense Dividend Revenue Dividends Declared and Paid Gain From Insurance on Premises Destroyed By Fire Cumulative Effect of Change From Accelerated Depreciation to Straight Line Depreciation Administrative Expenses Sales Revenue Gain on Sale of Equipment (part of the company's normal process of replacing equipment) Loss on Discontinued Operations (subject to 30% tax rate) Interest Expense Selling Expenses Other Selling and Administrative Expenses $ 21.000 130,000 15,000 11,000 23,000 18,000 21,000 25,000 45,000 27,000 200,000 28,000 16,000 6,000 31,000 9,000
Transcribed Image Text:Attached is information from the accounting records of Burgundy Corporation for the year ending October 31, 20X3. The company had 125,000 weighted average common shares of stock outstanding during the year. CO the REQUIRED: Using the attached form, prepare a multiple step income statement, in proper form. for Burgundy Corporation for the year ending October 31, 20X3. BURGUNDY CORPORATION SELECTED ACCOUNTS FROM ACCOUNTING RECORDS FOR FISCAL YEAR ENDING OCTOBER 31, 20X3 Loss on Sale of Land (a site adjacent to manufacturing facility, used for parking) Cost of Goods Sold Interest Revenue Other Miscellaneous Revenue Income Tax Expense Dividend Revenue Dividends Declared and Paid Gain From Insurance on Premises Destroyed By Fire Cumulative Effect of Change From Accelerated Depreciation to Straight Line Depreciation Administrative Expenses Sales Revenue Gain on Sale of Equipment (part of the company's normal process of replacing equipment) Loss on Discontinued Operations (subject to 30% tax rate) Interest Expense Selling Expenses Other Selling and Administrative Expenses $ 21.000 130,000 15,000 11,000 23,000 18,000 21,000 25,000 45,000 27,000 200,000 28,000 16,000 6,000 31,000 9,000
BURGUNDY CORPORATION MULTIPLE STEP INCOME STATEMENT FOR FISCAL YEAR ENDING OCTOBER 31, 20X3
Transcribed Image Text:BURGUNDY CORPORATION MULTIPLE STEP INCOME STATEMENT FOR FISCAL YEAR ENDING OCTOBER 31, 20X3
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