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The following balances were taken from the books of Nash Corp. on December 31, 2025. Interest revenue $87,050 Accumulated depreciation-equipment $41,050 Cash 52,050 Accumulated depreciation-buildings 29,050 Sales revenue 1,381,050 Notes receivable 156,050 Accounts receivable 151,050 Selling expenses 195,050 Prepaid insurance 21,050 Accounts payable 171,050 Sales returns and allowances 151,050 Bonds payable 101,050 Allowance for doubtful accounts 8,050 Administrative and general expenses 98,050 Sales discounts 46,050 Accrued liabilities 33,050 Land 101,050 Interest expense W 61,050 Equipment 201,050 Notes payable 101,050 Buildings 141,050 Loss from earthquake damage 151,050 Cost of goods sold 622,050 Common stock 501,050 Retained earnings 22,050

The following balances were taken from the books of Nash Corp. on December 31, 2025. Interest revenue $87,050 Accumulated depreciation-equipment $41,050 Cash 52,050 Accumulated depreciation-buildings 29,050 Sales revenue 1,381,050 Notes receivable 156,050 Accounts receivable 151,050 Selling expenses 195,050 Prepaid insurance 21,050 Accounts payable 171,050 Sales returns and allowances 151,050 Bonds payable 101,050 Allowance for doubtful accounts 8,050 Administrative and general expenses 98,050 Sales discounts 46,050 Accrued liabilities 33,050 Land 101,050 Interest expense W 61,050 Equipment 201,050 Notes payable 101,050 Buildings 141,050 Loss from earthquake damage 151,050 Cost of goods sold 622,050 Common stock 501,050 Retained earnings 22,050

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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The following balances were taken from the books of Nash Corp. on December 31, 2025. Interest revenue $87,050 Accumulated depreciation-equipment $41,050 Cash 52,050 Accumulated depreciation-buildings 29,050 Sales revenue 1,381,050 Notes receivable 156,050 Accounts receivable 151,050 Selling expenses 195,050 Prepaid insurance 21,050 Accounts payable 171,050 Sales returns and allowances 151,050 Bonds payable 101,050 Allowance for doubtful accounts 8,050 Administrative and general expenses 98,050 Sales discounts 46,050 Accrued liabilities 33,050 Land 101,050 Interest expense h 61,050 Equipment 201,050 Notes payable 101,050 Buildings 141,050 Loss from earthquake damage 151,050 Cost of goods sold 622,050 Common stock 501,050 Retained earnings 22,050 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48. Enter other revenue and gains before other expenses and losses)
Transcribed Image Text:The following balances were taken from the books of Nash Corp. on December 31, 2025. Interest revenue $87,050 Accumulated depreciation-equipment $41,050 Cash 52,050 Accumulated depreciation-buildings 29,050 Sales revenue 1,381,050 Notes receivable 156,050 Accounts receivable 151,050 Selling expenses 195,050 Prepaid insurance 21,050 Accounts payable 171,050 Sales returns and allowances 151,050 Bonds payable 101,050 Allowance for doubtful accounts 8,050 Administrative and general expenses 98,050 Sales discounts 46,050 Accrued liabilities 33,050 Land 101,050 Interest expense h 61,050 Equipment 201,050 Notes payable 101,050 Buildings 141,050 Loss from earthquake damage 151,050 Cost of goods sold 622,050 Common stock 501,050 Retained earnings 22,050 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48. Enter other revenue and gains before other expenses and losses)
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