Adjusted Trial BalanceDecember 31, 20xxAccountsDebitCreditCash$25,503Accounts Receivable50,000Inventory100,000Prepaid Rent4,000Equipment150,000Accumulated Depreciation$ 50,000Accounts Payable25,000Deferred Revenue25,000Current Portion Long-term Debt10,000Long-term DebtBonds Payable50,00075,000Common Stock25,000Treasury StockRetained Earnings50,000Dividends5,000Revenue150,503Cost of Goods Sold75,000Salaries Expense5.000Rent Expense25,000Insurance Expense5.000Depreciation Expense10.000Interest Expense2,000Income Tax Expense4.000Totals$460.503$460.503ASUS Multi-Step Income Statement Question: Based on the Multi-step Income Statement you prepared on yourscratch paper, what is the amount of "Net Income After-Taxes" on the Multi-step Income Statement for theperiod ending 12/31/xx?Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., justenter the raw number. Webcourses will add commas to your answer automatically. For example, if youcalculated the answer to be $24,123, you would only input: 24123WASUSf4f5f6f7f9f10f11团%244&7.9.YU IGH JK因6图近图

The Numerical has covered the concept of Multi-step income Statement Multi-Step Income Statement:- Particulars Amount ($) Amount ($) Revenue 150,503 Less:- Cost of Goods Sold (75,000) Gross Profit (A) 75,503 Less:- Administrative Expense Salaries Expense 5,000 Rent Expense 25,000 Insurance Expense 5,000 Depreciation Expense 10,000 Total Administrative Expense (B) (45,000) Operating Income (A-B) 30,503 Less:- Other Expense Interest expense 2,000 Income Tax Expense 4,000 (6,000) Net Income After Tax 24,503 Answer:- The Net Income After for the period ending 12/31/20xx is $24503

Business

Accounting

Multi-Step Income Statement Question: Based on the Multi-step Income Statement you prepared on your scratch paper, what is the amount of "Net Income After-Taxes" on the Multi-step Income Statement for the period ending 12/31/xx? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123

Multi-Step Income Statement Question: Based on the Multi-step Income Statement you prepared on your scratch paper, what is the amount of "Net Income After-Taxes" on the Multi-step Income Statement for the period ending 12/31/xx? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123

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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