Question-2: The Following balance s were taken from the books of Jackson Furniture Corporation on December 31,2021 Accounts receivable Accrued Liabilities Administrative Expenses Cost of goods sold Interest Expenses Interest Revenue Land R.O 150,000 32,000 97,000 621,000 60,000 86,000 100,000 Loss on Impairment of plant assets Prepaid Insurance Sales Sales Discount Sales Returns and allowances Selling Expenses R.O 120,000 20,000 1,280,000 45,000 150,000 194,000 a) Assume the total effective tax rate on all items is 34% b) Prepare an Income statement; 100,000 ordinary shares were outstanding during the year

Question-2: The Following balance s were taken from the books of Jackson Furniture Corporation on December 31,2021 Accounts receivable Accrued Liabilities Administrative Expenses Cost of goods sold Interest Expenses Interest Revenue Land R.O 150,000 32,000 97,000 621,000 60,000 86,000 100,000 Loss on Impairment of plant assets Prepaid Insurance Sales Sales Discount Sales Returns and allowances Selling Expenses R.O 120,000 20,000 1,280,000 45,000 150,000 194,000 a) Assume the total effective tax rate on all items is 34% b) Prepare an Income statement; 100,000 ordinary shares were outstanding during the year

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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Subject: acounting
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