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PROBLEM Below are selected accounts taken from the adjusted trial balance of Bernie's Boxes on December 31, 2020. Operating expenses $1,000 Sales revenue 5,000 Finished good inventory Jan 1st 1,500 Purchases 1,200 Interest revenue 100 Extraordinary loss (pre-tax) 400 Finished goods inventory Dec 31 ? Income tax expense 642 Bernie's Boxes has 2,000 shares of common stock outstanding and net income per share for 2020 was $0.61. The income tax is 30% REQUIRED: Prepare a multiple-step income statement

PROBLEM Below are selected accounts taken from the adjusted trial balance of Bernie's Boxes on December 31, 2020. Operating expenses $1,000 Sales revenue 5,000 Finished good inventory Jan 1st 1,500 Purchases 1,200 Interest revenue 100 Extraordinary loss (pre-tax) 400 Finished goods inventory Dec 31 ? Income tax expense 642 Bernie's Boxes has 2,000 shares of common stock outstanding and net income per share for 2020 was $0.61. The income tax is 30% REQUIRED: Prepare a multiple-step 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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PROBLEM

Below are selected accounts taken from the adjusted trial balance of Bernie's Boxes on December 31, 2020.

Operating expenses $1,000

Sales revenue 5,000

Finished good inventory Jan 1st 1,500

Purchases 1,200

Interest revenue 100

Extraordinary loss (pre-tax) 400

Finished goods inventory Dec 31 ?

Income tax expense 642

Bernie's Boxes has 2,000 shares of common stock outstanding and net income per share for 2020 was $0.61. The income tax is 30%

REQUIRED:

Prepare a multiple-step income statement

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