The following balances were taken from the books of Oriole Corp. on December 31, 2020. Interest...
The following balances were taken from the books of Oriole Corp.
on December 31, 2020.
|
Interest revenue |
$87,950 |
Accumulated depreciation—equipment |
$41,950 | |||
|---|---|---|---|---|---|---|
|
Cash |
52,950 |
Accumulated depreciation—buildings |
29,950 | |||
|
Sales revenue |
1,381,950 |
Notes receivable |
156,950 | |||
|
Accounts receivable |
151,950 |
Selling expenses |
195,950 | |||
|
Prepaid insurance |
21,950 |
Accounts payable |
171,950 | |||
|
Sales returns and allowances |
151,950 |
Bonds payable |
101,950 | |||
|
Allowance for doubtful accounts |
8,950 |
Administrative and general expenses |
98,950 | |||
|
Sales discounts |
46,950 |
Accrued liabilities |
33,950 | |||
|
Land |
101,950 |
Interest expense |
61,950 | |||
|
Equipment |
201,950 |
Notes payable |
101,950 | |||
|
Buildings |
141,950 |
Loss from earthquake damage |
151,950 | |||
|
Cost of goods sold |
622,950 |
Common stock |
501,950 | |||
|
Retained earnings |
22,950 |
Assume the total effective tax rate on all items is 20%.
Prepare a multiple-step income statement; 100,000 shares of common
stock were outstanding during the year.
Homework Answers
MULTIPLE STEP INCOME STATEMENT FOR THE YEAR ENDING ON 31 DEC 2020
| DETAILS | AMOUNT($) | AMOUNT($) |
| SALES | 1381950 | |
| LESS:SALES RETURN AND ALLOWANCE | (151950) | |
| LESS:SALES DISCOUNT | (46950) | |
| NET SALES | 1183050 | |
| COST OF GOOD SOLD | (622950) | |
| GROSS PROFIT | 560100 | |
| OPERATING EXPENSE | ||
| ALLOWANCE FOR DOBUTFULDEBTS | 8950 | |
| SELLING EXPENSE | 195950 | |
| ADMINISTRATIVE AND GERENAL EXPENSE | 98950 | |
| TOTAL OPERATING EXPENSE | (303850) | |
| INCOME FROM OPERATIONS | 256250 | |
| NON OPERATING INCOME AND EXPENSE | ||
| INTEREST REVENUE | 87950 | |
| INTEREST EXPENSE | (61950) | |
| LOSS FROM EARTHQUAKE DAMAGE | (151950) | |
| TOTAL NON OPERATING INCOME AND EXPENSE | (125950) | |
| NET INCOME BEFORE TAX | 130300 | |
| TAX(20%) | (26060) | |
| NET INCOME | 104240 |
Add Answer to:
The following balances were taken from the books of Oriole Corp.
on December 31, 2020.
Interest...
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The following balances were taken from the books of Concord Corp. on December 31, 2020. Interest revenue $87,200 Accumulated depreciation-equipment $41,200 Cash 52,200 Accumulated depreciation-buildings 29,200 Sales revenue 1,381,200 Notes receivable 156,200 Accounts receivable 151,200 Selling expenses 195,200 Prepaid insurance 21,200 Accounts payable 171,200 Sales returns and allowances 151,200 Bonds payable 101,200 Allowance for doubtful accounts 8,200 Administrative and general expenses 98,200 Sales discounts 46,200 Accrued liabilities 33,200 Land 101,200 Interest expense 61,200 Equipment 201,200 Notes payable 101,200 Buildings Loss...
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The following balances were taken from the books of Vaughn Corp. on December 31, 2020. Con-...
The following balances were taken from the books of Vaughn Corp. on December 31, 2020. Con- Interest revenue $87,700 Cash 52,700 Sales revenue 1,381,700 Accounts receivable $41,700 29,700 156,700 195,700 171,700 101,700 port Accumulated depreciation equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Prepaid insurance 151,700 21,700 151,700 8,700 46,700 Sales returns and allowances Allowance for doubtful accounts Sales discounts 98,700 33,700 Land 61,700 101,700 201,700 Interest expense Notes payable Equipment...
The following balances were taken from the books of Concord Corp. on December 31, 2017. Interest...
The following balances were taken from the books of Concord
Corp. on December 31, 2017.
Interest revenue $87,350
Accumulated depreciation—equipment $41,350
Cash 52,350
Accumulated depreciation—buildings 29,350
Sales revenue 1,381,350
Notes receivable 156,350
Accounts receivable 151,350
Selling expenses 195,350
Prepaid insurance 21,350
Accounts payable 171,350
Sales returns and allowances 151,350
Bonds payable 101,350
Allowance for doubtful accounts 8,350
Administrative and general expenses 98,350
Sales discounts 46,350
Accrued liabilities 33,350
Land 101,350
Interest expense 61,350
Equipment 201,350
Notes payable 101,350
Buildings...
The following balances were taken from the books of Flint Corp. on December 31, 2017. Interest...
The following balances were taken from the books of Flint Corp. on December 31, 2017. 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 $87,900 52,900 1,381,900 151,900 21,900 151,900 8,900 46,900 101,900 201,900 141,900 622,900 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...
(Multiple-Step Statement) The following balances were taken from the books of Alonzo Corp. on December 31,...
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Exercise 4-06 The following balances were taken from the books of Nash Corp. on December 31,...
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The following balances were taken from the books of Martinez Corp. on December 31, 2017. Interest revenue Cash Sales re...
The following balances were taken from the books of Martinez Corp. on December 31, 2017. Interest revenue Cash Sales revenue Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts $87,050 52,050 1,381,050 151,050 21,050 151,050 8,050 46,050 101,050 201,050 141,050 622,050 Administrative and general expenses $41,050 29,050 156,050 195,050 171,050 101,050 98,050 33,050 61,050 101,050 151,050 501,050 22,050 Land Accrued liabilities Interest expense...
Exercise 4-6 The following balances were taken from the books of Sheffield Corp. on December 31,...
Exercise 4-6 The following balances were taken from the books of Sheffield Corp. on December 31, 2017. 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 $87,800 52,800 1,381,800 151,800 21,800 151,800 8,800 46,800 101,800 201,800 141,800 622,800 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...
The following balances were taken from the books of Bramble Corp. on December 31, 2020. Interest revenue $87.650 Accumulated depreciation equipment $41,650 Cash 52,650 Accumulated depreciation-buildings 29,650 Sales revenue 1,381,650 Notes receivable 156,650 Accounts receivable 151,650 Selling expenses 195,650 Prepaid insurance 21,650 Accounts payable 171,650 Sales returns and allowances 151,650 Bonds payable 101,650 Allowance for doubtful accounts 8,650 Administrative and general expenses 98,650 Sales discounts Accrued liabilities 33,650 46,650 101,650 Land Interest expense 61,650 Equipment 201.650 Notes payable 101.650 Buildings...
The following balances were taken from the books of Concord Corp. on December 31, 2020. Interest revenue $87,200 Accumulated depreciation-equipment $41,200 Cash 52,200 Accumulated depreciation-buildings 29,200 Sales revenue 1,381,200 Notes receivable 156,200 Accounts receivable 151,200 Selling expenses 195,200 Prepaid insurance 21,200 Accounts payable 171,200 Sales returns and allowances 151,200 Bonds payable 101,200 Allowance for doubtful accounts 8,200 Administrative and general expenses 98,200 Sales discounts 46,200 Accrued liabilities 33,200 Land 101,200 Interest expense 61,200 Equipment 201,200 Notes payable 101,200 Buildings Loss...
The following balances were taken from the books of Skysong Corp. on December 31, 2020. Interest revenue Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable $41,250 29,250 Cash Sales revenue 156,250 Accounts receivable 195,250 Prepaid insurance 171,250 $87,250 52.250 1,381,250 151,250 21,250 151,250 8,250 46,250 101,250 201,250 Sales returns and allowances 101,250 Allowance for doubtful accounts Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable 98,250 Sales discounts 33,250 Land 61.250 Equipment 101,250 Buildings Cost...
The following balances were taken from the books of Vaughn Corp. on December 31, 2020. Con- Interest revenue $87,700 Cash 52,700 Sales revenue 1,381,700 Accounts receivable $41,700 29,700 156,700 195,700 171,700 101,700 port Accumulated depreciation equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Prepaid insurance 151,700 21,700 151,700 8,700 46,700 Sales returns and allowances Allowance for doubtful accounts Sales discounts 98,700 33,700 Land 61,700 101,700 201,700 Interest expense Notes payable Equipment...
The following balances were taken from the books of Concord
Corp. on December 31, 2017.
Interest revenue $87,350
Accumulated depreciation—equipment $41,350
Cash 52,350
Accumulated depreciation—buildings 29,350
Sales revenue 1,381,350
Notes receivable 156,350
Accounts receivable 151,350
Selling expenses 195,350
Prepaid insurance 21,350
Accounts payable 171,350
Sales returns and allowances 151,350
Bonds payable 101,350
Allowance for doubtful accounts 8,350
Administrative and general expenses 98,350
Sales discounts 46,350
Accrued liabilities 33,350
Land 101,350
Interest expense 61,350
Equipment 201,350
Notes payable 101,350
Buildings...
The following balances were taken from the books of Flint Corp. on December 31, 2017. 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 $87,900 52,900 1,381,900 151,900 21,900 151,900 8,900 46,900 101,900 201,900 141,900 622,900 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...
Exercise 4-06 The following balances were taken from the books of Nash 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 $87,050 52,050 1,381,050 151,050 21,050 151,050 8,050 46,050 101,050 201,050 141,050 622,050 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...
The following balances were taken from the books of Martinez Corp. on December 31, 2017. Interest revenue Cash Sales revenue Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts $87,050 52,050 1,381,050 151,050 21,050 151,050 8,050 46,050 101,050 201,050 141,050 622,050 Administrative and general expenses $41,050 29,050 156,050 195,050 171,050 101,050 98,050 33,050 61,050 101,050 151,050 501,050 22,050 Land Accrued liabilities Interest expense...
Exercise 4-6 The following balances were taken from the books of Sheffield Corp. on December 31, 2017. 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 $87,800 52,800 1,381,800 151,800 21,800 151,800 8,800 46,800 101,800 201,800 141,800 622,800 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...
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