please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) The following balances were taken from the books of Alonzo Corp. on December 31, 2025.Interest revenue $ 87,950 Accumulated depreciation—equipment $ 41,950Cash 52950 Accumulated depreciation—buildings 29,950Sales revenue 1,381,950 Notes receivable 156,950Accounts receivable 151,950 Selling expenses 195,950Prepaid insurance 21,950 Accounts payable 171,950Sales returns and allowances 151,950 Bonds payable 101,950Allowance for doubtful accounts 8950 Administrative and general expenses 98,950Sales discounts 46,950 Accrued liabilities 33,950Land 101,950 Interest expense 61,950Equipment 201,950 Notes payable 101,950Buildings 141,950 Loss from earthquake damage 151,950Cost of goods sold 622,950 Common stock 501,950 Retained earnings 22,950Assume the total effective tax rate on all items is 20%.InstructionsPrepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year.

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Description: please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) The following balances were taken from th

Income statement is a financial statement that records all the income and expenses of the business…

Answered: The following balances were taken from…

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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please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
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The following balances were taken from the books of Alonzo Corp. on December 31, 2025.

Interest revenue	$ 87,950	Accumulated depreciation—equipment	$ 41,950
Cash	52950	Accumulated depreciation—buildings	29,950
Sales revenue	1,381,950	Notes receivable	156,950
Accounts receivable	151,950	Selling expenses	195,950
Prepaid insurance	21,950	Accounts payable	171,950
Sales returns and allowances	151,950	Bonds payable	101,950
Allowance for doubtful accounts	8950	Administrative and general expenses	98,950
Sales discounts	46,950	Accrued liabilities	33,950
Land	101,950	Interest expense	61,950
Equipment	201,950	Notes payable	101,950
Buildings	141,950	Loss from earthquake damage	151,950
Cost of goods sold	622,950	Common stock	501,950
		Retained earnings	22,950

Assume the total effective tax rate on all items is 20%.

Instructions

Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year.

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