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The following balances were taken from the books of Sheffield Fabrication Limited on December 31, 2023: Accumulated depreciation-equipment $50,000 Accumulated depreciation-buildings Interest income Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances $86,000 51,000 1,370,000 160,000 25,000 156,000 Notes receivable Selling expenses Accounts payable Bonds payable 31,000 165,000 195,000 170,000 101,000

The following balances were taken from the books of Sheffield Fabrication Limited on December 31, 2023: Accumulated depreciation-equipment $50,000 Accumulated depreciation-buildings Interest income Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances $86,000 51,000 1,370,000 160,000 25,000 156,000 Notes receivable Selling expenses Accounts payable Bonds payable 31,000 165,000 195,000 170,000 101,000

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 Sheffield Fabrication Limited on December 31, 2023: $86,000 Accumulated depreciation-equipment $50,000 51,000 Accumulated depreciation-buildings 31,000 1,370,000 165,000 160,000 195,000 25,000 170,000 101,000 97,000 Interest income Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold 156,000 43,000 100,000 200,000 160,000 628,000 Notes receivable Selling expenses 8,000 Administrative expenses Assume the total effective tax rate on all items is 30% Accounts payable Bonds payable Unearned revenue Interest expense Notes payable Loss from storm damage Depreciation expense 28,000 42,500 100,000 162,000 42,500
Transcribed Image Text:The following balances were taken from the books of Sheffield Fabrication Limited on December 31, 2023: $86,000 Accumulated depreciation-equipment $50,000 51,000 Accumulated depreciation-buildings 31,000 1,370,000 165,000 160,000 195,000 25,000 170,000 101,000 97,000 Interest income Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold 156,000 43,000 100,000 200,000 160,000 628,000 Notes receivable Selling expenses 8,000 Administrative expenses Assume the total effective tax rate on all items is 30% Accounts payable Bonds payable Unearned revenue Interest expense Notes payable Loss from storm damage Depreciation expense 28,000 42,500 100,000 162,000 42,500
Prepare a multiple-step income statement showing expenses by function. Assume that 100,000 common shares were outstanding during the year. Sheffield Fabrication follows ASPE but decides to disclose EPS on its income statement. (Round per share answer to 2 decimal places, e.g. 52.74. List other revenues and gains before other expenses and losses.) Net Sales Revenue Sheffield Fabrication Limited Income Statement For the Month Ended December 31, 2023
Transcribed Image Text:Prepare a multiple-step income statement showing expenses by function. Assume that 100,000 common shares were outstanding during the year. Sheffield Fabrication follows ASPE but decides to disclose EPS on its income statement. (Round per share answer to 2 decimal places, e.g. 52.74. List other revenues and gains before other expenses and losses.) Net Sales Revenue Sheffield Fabrication Limited Income Statement For the Month Ended December 31, 2023
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