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The following balances were taken from the books of Skysong Corp. on December 31, 2020. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances $87,250 52,250 1,381,250 151,250 21,250 151,250 Accumulated depreciation-equipment $41,250 Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable 29,250 156,250 195,250 171,250 101,250

The following balances were taken from the books of Skysong Corp. on December 31, 2020. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances $87,250 52,250 1,381,250 151,250 21,250 151,250 Accumulated depreciation-equipment $41,250 Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable 29,250 156,250 195,250 171,250 101,250

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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Question 4 View Policies Current Attempt in Progress The following balances were taken from the books of Skysong Corp. on December 31, 2020. 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 $87,250 52,250 1,381,250 151,250 21,250 151,250 8,250 46,250 101,250 201,250 141,250 622,250 Accumulated depreciation-equipment $41,250 Accumulated depreciation-buildings 29,250 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 Assume the total effective tax rate on all items is 20%. 156,250 195,250 171,250 101,250 98,250 33,250 61,250 101,250 151,250 501,250 22,250
Transcribed Image Text:Question 4 View Policies Current Attempt in Progress The following balances were taken from the books of Skysong Corp. on December 31, 2020. 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 $87,250 52,250 1,381,250 151,250 21,250 151,250 8,250 46,250 101,250 201,250 141,250 622,250 Accumulated depreciation-equipment $41,250 Accumulated depreciation-buildings 29,250 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 Assume the total effective tax rate on all items is 20%. 156,250 195,250 171,250 101,250 98,250 33,250 61,250 101,250 151,250 501,250 22,250
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.) #: # : : Per share of common stock: # + # # # # SKYSONG CORP. Income Statement I $ 11
Transcribed Image Text: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.) #: # : : Per share of common stock: # + # # # # SKYSONG CORP. Income Statement I $ 11
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