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E5-7. Multiple-Step Income Statement. Ciara's Cookie Company provided the following accounts from its year-end trial balance. Ciara's Cookie Company Adjusted Trial Balance (Selected Accounts) For the Current Year Ended Account Debit Credit Common Stock (no par): Beginning Balance $ 456,000 Retained Earnings: Beginning Balance 1,200,950 $ 55,675 Accumulated Other Comprehensive Income: Beginning Balance Dividends 57,000 Sales 1,200,895 Interest Income 3,400 Dividend Income 3,250 Gain on Disposal of Plant Assets 76,000 Unrealized Gain on Trading Securities 27,250 Gain on Sale of Discontinued Operations-Before Tax 56,780 Unrealized Gain on Available-for-Sale Bonds-Before Tax 3,500 Cost of Goods Sold 450,000 Selling Expenses 37,450 Office Salaries Expense 65,000 Legal Fees-General 8,000 Sales Salaries Expense 23,500 Advertising Expense 21,500

E5-7. Multiple-Step Income Statement. Ciara's Cookie Company provided the following accounts from its year-end trial balance. Ciara's Cookie Company Adjusted Trial Balance (Selected Accounts) For the Current Year Ended Account Debit Credit Common Stock (no par): Beginning Balance $ 456,000 Retained Earnings: Beginning Balance 1,200,950 $ 55,675 Accumulated Other Comprehensive Income: Beginning Balance Dividends 57,000 Sales 1,200,895 Interest Income 3,400 Dividend Income 3,250 Gain on Disposal of Plant Assets 76,000 Unrealized Gain on Trading Securities 27,250 Gain on Sale of Discontinued Operations-Before Tax 56,780 Unrealized Gain on Available-for-Sale Bonds-Before Tax 3,500 Cost of Goods Sold 450,000 Selling Expenses 37,450 Office Salaries Expense 65,000 Legal Fees-General 8,000 Sales Salaries Expense 23,500 Advertising Expense 21,500

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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E5-7. Multiple-Step Income Statement. Ciara's Cookie Company provided the following accounts from its year-end trial balance. Ciara's Cookie Company Adjusted Trial Balance (Selected Accounts) For the Current Year Ended Account Debit Credit Common Stock (no par): Beginning Balance $ 456,000 Retained Earnings: Beginning Balance 1,200,950 $ 55,675 Accumulated Other Comprehensive Income: Beginning Balance Dividends 57,000 Sales 1,200,895 Interest Income 3,400 Dividend Income 3,250 Gain on Disposal of Plant Assets 76,000 Unrealized Gain on Trading Securities 27,250 Gain on Sale of Discontinued Operations-Before Tax 56,780 Unrealized Gain on Available-for-Sale Bonds-Before Tax 3,500 Cost of Goods Sold 450,000 Selling Expenses 37,450 Office Salaries Expense 65,000 Legal Fees-General 8,000 Sales Salaries Expense 23,500 Advertising Expense 21,500
Transcribed Image Text:E5-7. Multiple-Step Income Statement. Ciara's Cookie Company provided the following accounts from its year-end trial balance. Ciara's Cookie Company Adjusted Trial Balance (Selected Accounts) For the Current Year Ended Account Debit Credit Common Stock (no par): Beginning Balance $ 456,000 Retained Earnings: Beginning Balance 1,200,950 $ 55,675 Accumulated Other Comprehensive Income: Beginning Balance Dividends 57,000 Sales 1,200,895 Interest Income 3,400 Dividend Income 3,250 Gain on Disposal of Plant Assets 76,000 Unrealized Gain on Trading Securities 27,250 Gain on Sale of Discontinued Operations-Before Tax 56,780 Unrealized Gain on Available-for-Sale Bonds-Before Tax 3,500 Cost of Goods Sold 450,000 Selling Expenses 37,450 Office Salaries Expense 65,000 Legal Fees-General 8,000 Sales Salaries Expense 23,500 Advertising Expense 21,500
Ciara's Cookie Company Adjusted Trial Balance (Selected Accounts) For the Current Year Ended Account Debit Credit Office Supplies Expense $54,800 Accounting Fees-Administrative 10,425 Amortization Expense-General 12,000 Depreciation Expense-General 25,500 Interest Expense 6,700 Loss on Asset Impairment 9,050 The company is subject to a 40% income tax rate. Prepare a multiple-step income statement for the current year.
Transcribed Image Text:Ciara's Cookie Company Adjusted Trial Balance (Selected Accounts) For the Current Year Ended Account Debit Credit Office Supplies Expense $54,800 Accounting Fees-Administrative 10,425 Amortization Expense-General 12,000 Depreciation Expense-General 25,500 Interest Expense 6,700 Loss on Asset Impairment 9,050 The company is subject to a 40% income tax rate. Prepare a multiple-step income statement for the current year.
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