Presented below is information related to Bramble Corp. for the year 2020. Net sales   $1,378,000   Write-off of inventory due to obsolescence   $84,800 Cost of goods sold   826,800   Depreciation expense omitted by accident in 2019

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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Presented below is information related to Bramble Corp. for the year 2020.

Net sales
  $1,378,000  
Write-off of inventory due to obsolescence
  $84,800
Cost of goods sold
  826,800  
Depreciation expense omitted by accident in 2019
  58,300
Selling expenses
  68,900  
Casualty loss
  53,000
Administrative expenses
  50,880  
Cash dividends declared
  47,700
Dividend revenue
  21,200  
Retained earnings at December 31, 2019
  1,038,800
Interest revenue
  7,420  
Effective tax rate of 20% on all items
   

(a)

 
 
Prepare a multiple-step income statement for 2020. Assume that 64,448 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.)

BRAMBLE CORP.
Income Statement
choose the accounting period                                                                       
select an opening name for section one                                                                       
   
enter an income statement item
 
$enter a dollar amount
enter an income statement item
 
enter a dollar amount
select a summarizing line for the first part                                                                       
 
enter a total amount for the first part
select an opening name for section two                                                                       
   
enter an income statement item
$enter a dollar amount
 
enter an income statement item
enter a dollar amount
 
select a closing name for section one                                                                       
 
enter a total amount for section two
select a summarizing line for the second part                                                                       
 
enter a total amount for the second part
select an opening name for section three                                                                       
   
enter an income statement item
enter a dollar amount
 
enter an income statement item
enter a dollar amount
 
   
enter a total amount for section three
   
enter a total income from operations
select an opening name for section four                                                                       
   
enter an income statement item
enter a dollar amount  
select an income statement item                                                                       
enter a dollar amount
 
   
enter a dollar amount
select a summarizing line for the third part                                                                       
 
enter a total amount for the third part
enter an income statement item
 
enter a dollar amount
select a closing name for this statement                                                                       
 
enter a total net income or loss amount
 
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