The following balances were taken from the books of Sunland Corp. on December 31, 2020. $87,600 52,600 1,381,600 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 Sales Sales Revenue Less 151,600 21,600 151,600 8,600 46,600 101,600 201,600 141,600 622,600 Sales Returns and Allowan Sales Discounts Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage 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 per share to 2 decimal places, e.g. 1.48.) December 31, 2020 Common stock Retained earnings SUNLAND CORP. Income Statement $41,600 29,600 00 156,600 195,600 171,600 101,600 98,600 33,600 61,600 101,600 151,600 501,600 22,600

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Chapter1: Financial Statements And Business Decisions
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The following balances were taken from the books of Sunland Corp. on December 31, 2020.
$87,600
52,600
1,381,600
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
Sales
Sales Revenue
Less
151,600
21,600
151,600
8,600
46,600
101,600
201,600
141,600
622,600
Sales Returns and Allowan
Sales Discounts
Accumulated depreciation-equipment
Accumulated depreciation-buildings
Notes receivable
Selling expenses
Accounts payable
Bonds payable
Administrative and general expenses
Accrued liabilities
Interest expense
Notes payable
Loss from earthquake damage
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
per share to 2 decimal places, e.g. 1.48.)
December 31, 2020
Common stock
Retained earnings
SUNLAND CORP.
Income Statement
$41,600
29,600
00
156,600
195,600
171,600
101,600
98,600
33,600
61,600
101,600
151,600
501,600
22,600
Transcribed Image Text:The following balances were taken from the books of Sunland Corp. on December 31, 2020. $87,600 52,600 1,381,600 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 Sales Sales Revenue Less 151,600 21,600 151,600 8,600 46,600 101,600 201,600 141,600 622,600 Sales Returns and Allowan Sales Discounts Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage 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 per share to 2 decimal places, e.g. 1.48.) December 31, 2020 Common stock Retained earnings SUNLAND CORP. Income Statement $41,600 29,600 00 156,600 195,600 171,600 101,600 98,600 33,600 61,600 101,600 151,600 501,600 22,600
.
The following balances were taken from the books of Sunland Corp. on December 31, 2020.
$87,600
52,600
Accumulated depreciation-equipment
Accumulated depreciation-buildings
1,381,600
151,600
21,600
151,600
8,600
46,600
101,600
201,600
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
141,600
622,600
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
$41,600
29,600
156,600
195,600
171,600
101,600
98,600
33,600
61,600
101,600
151,600
501,600
22,600
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 earning
per share to 2 decimal places, e.g. 1.48.)
Transcribed Image Text:. The following balances were taken from the books of Sunland Corp. on December 31, 2020. $87,600 52,600 Accumulated depreciation-equipment Accumulated depreciation-buildings 1,381,600 151,600 21,600 151,600 8,600 46,600 101,600 201,600 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 141,600 622,600 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 $41,600 29,600 156,600 195,600 171,600 101,600 98,600 33,600 61,600 101,600 151,600 501,600 22,600 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 earning per share to 2 decimal places, e.g. 1.48.)
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