$ 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

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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$ 120,400
71,400
1,932,000
$ 56,000
39,200
217,000
271,600
238,000
140,000
Interest revenue
Cash
Accumulated depreciation-equipment
Accumulated depreciation–building
Notes receivable
Sales
Accounts receivable
Prepaid insurance
Sales returns and allowances
Allowance for doubtful
210,000
28,000
210,000
Selling expenses
Accounts payable
Bonds payable
Administrative and general
9,800
63,000
140,000
280,000
196,000
869,400
135,800
44,800
84,000
140,000
210,000
700,000
29,400
accounts
Sales discounts
Land
expenses
Accrued liabilities
Interest expense
Notes payable
Loss from earthquake damage
Common stock
Retained earnings
Equipment
Building
Cost of goods sold
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:$ 120,400 71,400 1,932,000 $ 56,000 39,200 217,000 271,600 238,000 140,000 Interest revenue Cash Accumulated depreciation-equipment Accumulated depreciation–building Notes receivable Sales Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful 210,000 28,000 210,000 Selling expenses Accounts payable Bonds payable Administrative and general 9,800 63,000 140,000 280,000 196,000 869,400 135,800 44,800 84,000 140,000 210,000 700,000 29,400 accounts Sales discounts Land expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings Equipment Building Cost of goods sold 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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