From the accounts and amounts listed above, prepare a multiple step income statement for the year ended December 31, 2022. Please include earnings per share and show your calculations. Not all accounts in the list above will be used on the income statement.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Golden Corporation reported the following items in reverse alphabetical order for the year
ended December 31, 2022 (some of Golden's balance sheet accounts have been omitted).
Wages Expense
Utilities Expense
Unearned Rent
Trademark
Supplies Expense
Sales
Sales Returns
Retained Earnings on January 1, 2022
Rent Revenue
Rent Expense
Purchases
Prior Period Adjustment (debit balance)
Prepaid Rent
Paid in Capital in Excess of Par
Merchandise Inventory, Ending
Merchandise Inventory, Beginning
Loss from Discontinued Operations
Interest Expense
Insurance Expense
Gain on Sale of Equipment
Dividend Revenue
Dividends Declared ($4,000 for preferred and $8,000 for common)
Depreciation Expense
Common Stock, $10 par, 20,000 shares issued and outstanding
Building
Advertising Expense
Accumulated Depreciation
Accounts Receivable
$50,000
40,000
11,000
6,000
3,000
670,000
10,000
176,000
3,000
18,000
380,000
18,000
4,000
470,000
32,000
41,000
20,000
25,000
23,000
6,000
5,000
12,000
38,000
200,000
300,000
31,000
95,000
24,000
Assume that Golden was in a 21% tax rate this year and a 25% tax rate in all previous years.
Assume also that Golden sold 3,000 shares of common stock on May 1 of this year (which is
already included in the total of 20,000 shares on December 31 above).
INSTRUCTIONS:
From the accounts and amounts listed above, prepare a multiple step income statement for the
year ended December 31, 2022. Please include earnings per share and show your calculations.
Not all accounts in the list above will be used on the income statement.
Transcribed Image Text:Golden Corporation reported the following items in reverse alphabetical order for the year ended December 31, 2022 (some of Golden's balance sheet accounts have been omitted). Wages Expense Utilities Expense Unearned Rent Trademark Supplies Expense Sales Sales Returns Retained Earnings on January 1, 2022 Rent Revenue Rent Expense Purchases Prior Period Adjustment (debit balance) Prepaid Rent Paid in Capital in Excess of Par Merchandise Inventory, Ending Merchandise Inventory, Beginning Loss from Discontinued Operations Interest Expense Insurance Expense Gain on Sale of Equipment Dividend Revenue Dividends Declared ($4,000 for preferred and $8,000 for common) Depreciation Expense Common Stock, $10 par, 20,000 shares issued and outstanding Building Advertising Expense Accumulated Depreciation Accounts Receivable $50,000 40,000 11,000 6,000 3,000 670,000 10,000 176,000 3,000 18,000 380,000 18,000 4,000 470,000 32,000 41,000 20,000 25,000 23,000 6,000 5,000 12,000 38,000 200,000 300,000 31,000 95,000 24,000 Assume that Golden was in a 21% tax rate this year and a 25% tax rate in all previous years. Assume also that Golden sold 3,000 shares of common stock on May 1 of this year (which is already included in the total of 20,000 shares on December 31 above). INSTRUCTIONS: From the accounts and amounts listed above, prepare a multiple step income statement for the year ended December 31, 2022. Please include earnings per share and show your calculations. Not all accounts in the list above will be used on the income statement.
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