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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Exercise 12- Prepare a multi-step income statement (assume tax rate of 20%).
Interest Revenue
Loss on Sale of Bldg.
Prepaid Insurance
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
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
X X
Rent Revenue
Sales
Sales Discounts
Sales Returns & Allowance
Supplies Expense
Unearned Revenue
140
70
105
140
1120
14
21
35
105
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