The following balances were taken from the books of Swifty 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 $87,100 52,100 1,381,100 151,100 21,100 151,100 8,100 46,100 101,100 201,100 141,100 622,100 Accumulated depreciation-equipment $41,100 Accumulated depreciation-buildings 29,100 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 156,100 195,100 171,100 101,100 98,100 33,100 61,100 101,100 151,100 501,100 22,100 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 decimal places, eg 148)
The following balances were taken from the books of Swifty 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 $87,100 52,100 1,381,100 151,100 21,100 151,100 8,100 46,100 101,100 201,100 141,100 622,100 Accumulated depreciation-equipment $41,100 Accumulated depreciation-buildings 29,100 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 156,100 195,100 171,100 101,100 98,100 33,100 61,100 101,100 151,100 501,100 22,100 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 decimal places, eg 148)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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Transcribed Image Text:The following balances were taken from the books of Swifty 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
$87,100
52,100
1,381,100
151,100
21,100
151,100
8,100
46,100
101,100
201,100
141,100
622,100
Accumulated depreciation-equipment $41,100
Accumulated depreciation-buildings
29,100
156,100
195,100
171,100
101,100
98,100
33,100
61,100
101,100
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%
151,100
501,100
22,100
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, eg. 1.48.)
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