The following balances were taken from the books of Sheridan Corp. on December 31, 2020. $87,300 52,300 1,381,300 Accumulated depreciation-equipment Accumulated depreciation-buildings 151,300 21,300 151,300 8,300 46,300 101,300 201,300 141,300 622,300 Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $41,300 29,300 156,300 195,300 171,300 101,300 98,300 33,300 61,300 101,300 151,300 501,300 22,300 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 ex share to 2 decimal places, e.g. 1.48.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question
100%

Please do not give solution in image format thanku 

The following balances were taken from the books of Sheridan Corp. on December 31, 2020.
Accumulated depreciation-equipment
Accumulated depreciation-buildings
Interest revenue
Cash
Sales revenue
Accounts receivable
Prepaid insurance
Sales returns and allowances
Allowance for doubtful accounts
Sales discounts
Land
Equipment
Buildings
Cost of goods sold
$87,300
52,300
1,381,300
151,300
21,300
151,300
8,300
46,300
101,300
201,300
141,300
622,300
Notes receivable
Selling expenses
Accounts payable
Bonds payable
Administrative and general expenses
Accrued liabilities
Interest expense
Notes payable
Loss from earthquake damage
Common stock
Retained earnings
$41,300
29,300
156,300
195,300
171,300
101,300
98,300
33,300
61,300
101,300
151,300
501,300
22,300
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 earr
share to 2 decimal places, e.g. 1.48.)
Transcribed Image Text:The following balances were taken from the books of Sheridan Corp. on December 31, 2020. Accumulated depreciation-equipment Accumulated depreciation-buildings Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87,300 52,300 1,381,300 151,300 21,300 151,300 8,300 46,300 101,300 201,300 141,300 622,300 Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $41,300 29,300 156,300 195,300 171,300 101,300 98,300 33,300 61,300 101,300 151,300 501,300 22,300 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 earr share to 2 decimal places, e.g. 1.48.)
Sales
Sales Revenue
Less :
Sales Discounts
Sales Returns and Allowances
Net Sales
Cost of Goods Sold
Gross Profit/(Loss)
Operating Expenses
Selling Expenses
Administrative Expenses
Total Expenses
Net Sales
Cost of Goods Sold
Gross Profit/(Loss)
Operating Expenses
Selling Expenses
Administrative Expenses
Total Expenses
Per share of common stock:
SHERIDAN CORP.
Income Statement
December 31, 2020
4
$
IN
Transcribed Image Text:Sales Sales Revenue Less : Sales Discounts Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit/(Loss) Operating Expenses Selling Expenses Administrative Expenses Total Expenses Net Sales Cost of Goods Sold Gross Profit/(Loss) Operating Expenses Selling Expenses Administrative Expenses Total Expenses Per share of common stock: SHERIDAN CORP. Income Statement December 31, 2020 4 $ IN
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Depreciation Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education