Exercise 12- Prepare a multi-step income statement (assume tax rate of 20%). Interest Revenue Loss on Sale of Bldg. Prepaid Insurance Rent Revenue Sales Sales Discounts Sales Returns & Allowance A/P A/R Cash Cost of Goods Sold Depreciation Expense Dividends Paid Gain on Sale of Land Insurance Expense Interest Expense Their Corporation Income Statement Year Ending 12/31/2X Operating Expenses Total Operating Expenses 35 70 Total Other (Non-Operating) 105 770 70 210 280 140 105 Other Revenues/Gains & Losses/Expenses X X X X XX X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X Supplies Expense Unearned Revenue 140 70 105 140 1120 14 21 35 105

Exercise 12- Prepare a multi-step income statement (assume tax rate of 20%). Interest Revenue Loss on Sale of Bldg. Prepaid Insurance Rent Revenue Sales Sales Discounts Sales Returns & Allowance A/P A/R Cash Cost of Goods Sold Depreciation Expense Dividends Paid Gain on Sale of Land Insurance Expense Interest Expense Their Corporation Income Statement Year Ending 12/31/2X Operating Expenses Total Operating Expenses 35 70 Total Other (Non-Operating) 105 770 70 210 280 140 105 Other Revenues/Gains & Losses/Expenses X X X X XX X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X Supplies Expense Unearned Revenue 140 70 105 140 1120 14 21 35 105

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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