Prepare a multiple step income statement based on the followingaccount balances:Sales$1,300,000Allowance for doubtful accounts 45,000Bad debt expenseBeginning inventoryEnding inventoryDepreciation expenseDividends declaredFreight inFreight outPrepaid insurancePurchasesPurchase returnsPurchase discountsRent expenseSalary expenseSales returnsSales discounts20,00018,000Loss from discontinued operations 80,000Loss from earthquake damage 22,000Loss from sale of Available for Sale securities 7,000Lottery winnings30,00040,00030,000Income tax rate90,00020%25,000Unrealized loss from Available for Sale securities 42,000Unrealized gain from Trading securities 25,000Unearned rent revenue15,00050,00025,000600,00020,00010,000100,000240,00020,0008,000

Income Statement - The income Statement includes Revenue earned and Expenses incurred during the…

Prepare a multiple step income statement based on the following account balances: Sales $1,300,000 Allowance for doubtful accounts 45,000 Bad debt expense 30,000 40,000 Beginning inventory Ending inventory 30,000 Depreciation expense Dividends declared Freight in Freight out Lottery winnings Prepaid insurance Purchases 20,000 18,000 Loss from discontinued operations 80,000 Loss from earthquake damage 22,000 Loss from sale of Available for Sale securities 7,000 Purchase returns Purchase discounts Rent expense Salary expense Sales returns Sales discounts 90,000 Income tax rate 25,000 20% 50,000 25,000 600,000 20,000 10,000 100,000 240,000 Unrealized loss from Available for Sale securities 42,000 Unrealized gain from Trading securities 25,000 Unearned rent revenue 15,000 20,000 8,000

Prepare a multiple step income statement based on the following account balances: Sales $1,300,000 Allowance for doubtful accounts 45,000 Bad debt expense 30,000 40,000 Beginning inventory Ending inventory 30,000 Depreciation expense Dividends declared Freight in Freight out Lottery winnings Prepaid insurance Purchases 20,000 18,000 Loss from discontinued operations 80,000 Loss from earthquake damage 22,000 Loss from sale of Available for Sale securities 7,000 Purchase returns Purchase discounts Rent expense Salary expense Sales returns Sales discounts 90,000 Income tax rate 25,000 20% 50,000 25,000 600,000 20,000 10,000 100,000 240,000 Unrealized loss from Available for Sale securities 42,000 Unrealized gain from Trading securities 25,000 Unearned rent revenue 15,000 20,000 8,000

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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