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of common shares outstanding is 91,000. Prepare a condensed multiple-step 2023 income statement for Pronghorn Rose, showing expenses by function. Pronghorn Rose follows ASPE but decides to disclose EPS on its income statement. (Round per share answer to 2 decimal places, e.g. 52.74.) Pronghorn Rose Corporation Income Statement For the Year Ended December 31, 2023

of common shares outstanding is 91,000. Prepare a condensed multiple-step 2023 income statement for Pronghorn Rose, showing expenses by function. Pronghorn Rose follows ASPE but decides to disclose EPS on its income statement. (Round per share answer to 2 decimal places, e.g. 52.74.) Pronghorn Rose Corporation Income Statement For the Year Ended December 31, 2023

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Pronghorn Rose's effective tax rate on all items is 35%. A physical inventory shows that the ending inventory is $684,000. The number of common shares outstanding is 91,000. Prepare a condensed multiple-step 2023 income statement for Pronghorn Rose, showing expenses by function. Pronghorn Rose follows ASPE but decides to disclose EPS on its income statement. (Round per share answer to 2 decimal places, e.g. 52.74.) 0 Pronghorn Rose Corporation Income Statement For the Year Ended December 31, 2023 $
Transcribed Image Text:Pronghorn Rose's effective tax rate on all items is 35%. A physical inventory shows that the ending inventory is $684,000. The number of common shares outstanding is 91,000. Prepare a condensed multiple-step 2023 income statement for Pronghorn Rose, showing expenses by function. Pronghorn Rose follows ASPE but decides to disclose EPS on its income statement. (Round per share answer to 2 decimal places, e.g. 52.74.) 0 Pronghorn Rose Corporation Income Statement For the Year Ended December 31, 2023 $
The following are selected ledger accounts of Pronghorn Rose Corporation at December 31, 2023: Cash Inventory (as at Jan. 1, 2023) Sales revenue Unearned revenue Purchases Sales discounts Purchase discounts Salaries and wages expense (sales) Salaries and wages expense (administrative) Purchase returns and allowances Sales returns and allowances Freight in Accounts receivable Sales commission expense $186,000 534,000 4,202,000 107,000 2,824,000 30,000 23,000 281,000 341,000 12.000 81,000 74,000 140,000 81,000 Entertainment expense Office expense Insurance expense Advertising expense Freight out Depreciation expense of office equipment Depreciation expense of sales equipment Telephone and internet expense (sales) Utilities expense (administrative) Miscellaneous expense Rental revenue Loss on disposal of equipment Interest expense Common shares $71,000 35,000 23,000 58,000 91,000 49,000 32,000 18,000 28,000 6,000 240,000 61,000 184,000 910,000 Pronghorn Rose's effective tax rate on all items is 35%. A physical inventory shows that the ending inventory is $684,000. The number of common shares outstanding is 91,000.
Transcribed Image Text:The following are selected ledger accounts of Pronghorn Rose Corporation at December 31, 2023: Cash Inventory (as at Jan. 1, 2023) Sales revenue Unearned revenue Purchases Sales discounts Purchase discounts Salaries and wages expense (sales) Salaries and wages expense (administrative) Purchase returns and allowances Sales returns and allowances Freight in Accounts receivable Sales commission expense $186,000 534,000 4,202,000 107,000 2,824,000 30,000 23,000 281,000 341,000 12.000 81,000 74,000 140,000 81,000 Entertainment expense Office expense Insurance expense Advertising expense Freight out Depreciation expense of office equipment Depreciation expense of sales equipment Telephone and internet expense (sales) Utilities expense (administrative) Miscellaneous expense Rental revenue Loss on disposal of equipment Interest expense Common shares $71,000 35,000 23,000 58,000 91,000 49,000 32,000 18,000 28,000 6,000 240,000 61,000 184,000 910,000 Pronghorn Rose's effective tax rate on all items is 35%. A physical inventory shows that the ending inventory is $684,000. The number of common shares outstanding is 91,000.
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