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Prepare a multistep income statement for Prestige Worldwide, a company that has two branches (boats and farm tools) located in Waco, TX, using the following items for the year 2020. PW is taxed at 35% of income. All of the following are before tax. Sales Sales Commission Expense Utilities Expense Litigation LoOss Dividends Declared $10,000,000 600,000 23,000 1.000,000 40,000 285.000 150,000 Gain on Sale of Investment Gain on Sale of Discontinued Farm Tools Division Loss from Earthquake Damages Sales Discounts Advertising Expense Cost of Goods Sold Depreciation Expense 675,000 435,000 85,000 4,000,000 27,000 42,000 30,000 Investment Income Bad Debt Expense Prior Period Adjustment Loss on Operations of Discontinued Farm Tools Division Common Stock 89,000 60,000 100,000 287,000 Salary Expense Cumulative Effect of Change in Principle 97,000

Prepare a multistep income statement for Prestige Worldwide, a company that has two branches (boats and farm tools) located in Waco, TX, using the following items for the year 2020. PW is taxed at 35% of income. All of the following are before tax. Sales Sales Commission Expense Utilities Expense Litigation LoOss Dividends Declared $10,000,000 600,000 23,000 1.000,000 40,000 285.000 150,000 Gain on Sale of Investment Gain on Sale of Discontinued Farm Tools Division Loss from Earthquake Damages Sales Discounts Advertising Expense Cost of Goods Sold Depreciation Expense 675,000 435,000 85,000 4,000,000 27,000 42,000 30,000 Investment Income Bad Debt Expense Prior Period Adjustment Loss on Operations of Discontinued Farm Tools Division Common Stock 89,000 60,000 100,000 287,000 Salary Expense Cumulative Effect of Change in Principle 97,000

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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taxed at 35S% of income. All of the following are before tax. (hoate multistep income statement for Prestive Worldwide, a company that has two branches Cooats and farm tools) located in Wace EX. using the following items for the year 2020. PWis Sales S10,000,000 600,000 Sales Commission Expense Utilities Expense 23.000 1,000,000 40,000 Litigation Loss Dividends Declared Gain on Sale of Investment 285.000 150,000 Gain on Sale of Discontinued Farm Tools Division Loss from Earthquake Damages 675,000 435,000 Sales Discounts 85,000 4,000,000 27,000 Advertising Expense Cost of Goods Sold Depreciation Expense 42,000 Investment Income 30,000 Bad Debt Expense Prior Period Adjustment Loss on Operations of Discontinued Farm Tools Division Common Stock Salary Expense Cumulative Effect of Change in Principle 89,000 60,000 100,000 287,000 97,000
Transcribed Image Text:taxed at 35S% of income. All of the following are before tax. (hoate multistep income statement for Prestive Worldwide, a company that has two branches Cooats and farm tools) located in Wace EX. using the following items for the year 2020. PWis Sales S10,000,000 600,000 Sales Commission Expense Utilities Expense 23.000 1,000,000 40,000 Litigation Loss Dividends Declared Gain on Sale of Investment 285.000 150,000 Gain on Sale of Discontinued Farm Tools Division Loss from Earthquake Damages 675,000 435,000 Sales Discounts 85,000 4,000,000 27,000 Advertising Expense Cost of Goods Sold Depreciation Expense 42,000 Investment Income 30,000 Bad Debt Expense Prior Period Adjustment Loss on Operations of Discontinued Farm Tools Division Common Stock Salary Expense Cumulative Effect of Change in Principle 89,000 60,000 100,000 287,000 97,000
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