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Prepare a multiple-step income statement. Per Share of Common Stock V V Oriole Corporation INCOME STATEMENT $

Prepare a multiple-step income statement. Per Share of Common Stock V V Oriole Corporation INCOME STATEMENT $

FINANCIAL ACCOUNTING
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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Prepare a multiple-step income statement. Per Share of Common Stock Oriole Corporation INCOME STATEMENT III $
Transcribed Image Text:Prepare a multiple-step income statement. Per Share of Common Stock Oriole Corporation INCOME STATEMENT III $
Oriole Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2020 an analysis of the accounts and discussions with company officials revealed the following information: Sales revenue Discontinued operations loss (net of tax) Selling expenses Cash Accounts receivable Common stock Cost of goods sold Accumulated depreciation-machinery Dividend revenue Unearned service revenue Interest payable Land Patents Retained earnings, January 1, 2020 Interest expense Administrative expenses Dividends declared Allowance for doubtful accounts Notes payable (maturity 7/1/23) Machinery Materials Accounts payable $1,209,000 51.800 125.200 58.100 88,000 200,000 705,000 180,000 7,100 4,500 1.000 360,000 104,000 255,780 18,700 170,800 24,400 4,700 219,000 450,000 44,000 60,000 The amount of income taxes applicable to income was $58,920, excluding the tax effect of the discontinued operations loss which amounted to $22,200.
Transcribed Image Text:Oriole Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2020 an analysis of the accounts and discussions with company officials revealed the following information: Sales revenue Discontinued operations loss (net of tax) Selling expenses Cash Accounts receivable Common stock Cost of goods sold Accumulated depreciation-machinery Dividend revenue Unearned service revenue Interest payable Land Patents Retained earnings, January 1, 2020 Interest expense Administrative expenses Dividends declared Allowance for doubtful accounts Notes payable (maturity 7/1/23) Machinery Materials Accounts payable $1,209,000 51.800 125.200 58.100 88,000 200,000 705,000 180,000 7,100 4,500 1.000 360,000 104,000 255,780 18,700 170,800 24,400 4,700 219,000 450,000 44,000 60,000 The amount of income taxes applicable to income was $58,920, excluding the tax effect of the discontinued operations loss which amounted to $22,200.
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