$ 86,000 51,000 Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable $ 40,000 28,000 155,000 194,000 170,000 100,000 97,000 32,000 60,000 Interest revenue Cash Sales revenue 1,380,000 Selling expenses Accounts payable Bonds payable Administrative and general expenses Accounts receivable Prepaid insurance Sales returns and allowances 150,000 20,000 150,000 Allowance for doubtful accounts 7,000 45,000 100,000 200,000 140,000 Accrued liabilities Interest expense Notes payable Loss from earthquake damage Sales discounts Land Equipment Buildings Cost of goods sold 100,000 150,000 500,000 21,000 621,000 Common stock 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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(Multiple-Step Statement) The following balances were taken from the books of Alonzo Corp. on December 31, 2017.

Check the following image for balances

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.

$ 86,000
51,000
Accumulated depreciation-equipment
Accumulated depreciation-buildings
Notes receivable
$ 40,000
28,000
155,000
194,000
170,000
100,000
97,000
32,000
60,000
Interest revenue
Cash
Sales revenue
1,380,000
Selling expenses
Accounts payable
Bonds payable
Administrative and general expenses
Accounts receivable
Prepaid insurance
Sales returns and allowances
150,000
20,000
150,000
Allowance for doubtful accounts
7,000
45,000
100,000
200,000
140,000
Accrued liabilities
Interest expense
Notes payable
Loss from earthquake damage
Sales discounts
Land
Equipment
Buildings
Cost of goods sold
100,000
150,000
500,000
21,000
621,000
Common stock
Retained earnings
Transcribed Image Text:$ 86,000 51,000 Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable $ 40,000 28,000 155,000 194,000 170,000 100,000 97,000 32,000 60,000 Interest revenue Cash Sales revenue 1,380,000 Selling expenses Accounts payable Bonds payable Administrative and general expenses Accounts receivable Prepaid insurance Sales returns and allowances 150,000 20,000 150,000 Allowance for doubtful accounts 7,000 45,000 100,000 200,000 140,000 Accrued liabilities Interest expense Notes payable Loss from earthquake damage Sales discounts Land Equipment Buildings Cost of goods sold 100,000 150,000 500,000 21,000 621,000 Common stock Retained earnings
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