Reference no: EM132470867
Flagstaff Corporation's capital structure consists of 50,000 shares of common stock. The December 31, 2020 account balances are listed below (except as noted). All adjusting entries have been made except for the accrual of taxes (20% tax rate).
Sales $1,505,000
Purchase Discounts 19,000
Purchases 681,000
Loss on Discontinued Operations 75,000
Selling Expenses 143,000
Cash 65,000
Accounts Receivable 92,000
Common Stock 180,000
Accumulated Depreciation 162,700
Dividend Revenue 7,500
Inventory, January 1, 2020 158,000
Unearned Service Revenue 5,800
Prepaid Insurance 1,500
Land 420,500
Patents 75,000
Retained Earnings, January 1, 2020 286,000
Sales Discounts 15,000
General and Administrative Expenses 124,000
Dividends 25,000
Allowance for Doubtful Accounts 5,000
Notes Payable (maturity 7/1/21) 175,000
Machinery and Equipment 500,000
Office Supplies 50,000
Accounts Payable 79,000
Note: 12/31/20 Inventory is $114,000
Required
Question a) Prepare a 2020 multi-step income statement; include EPS. Refer to the Cabrera (Illustration 4-2) and Poquito (Illustration 4-8) Company examples of the text for format suggestions (Also, refer to Illustration 4-10). Many items in these format examples are not applicable to this homework problem.
Question b) Prepare a 2020 retained earnings statement. Refer to the Stricker example (illustration 4-19) of the text for format suggestions. No corrections of prior periods exist.
Question c) Prepare a 12/31/20 balance sheet. Refer to the Scientific Products (Illustration 5-16) exampl of the text for format suggestions. Many items in this example are not applicable to this homework problem.
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