Reference no: EM132793706

The information below relates to the operations of Sheridan Corporation, a private company following ASPE, for the year ended December 31, 2020:

Cost of goods sold                 $328,000

Interest expense                      2,100

Sales returns and allowances        8,900

Accounts payable                 119,500

Sales discounts                      4,100

Depreciation expense               284,640

Sales revenue                          983,500

Salaries and wages expense       164,100

Prepaid expenses                       3,800

Rent expense                          37,800

Loss from fire                           8,300

Rental revenue                        23,000

Additional information:

• The effective tax rate is 20%.

Problem 1: Make a single-step income statement in good form by nature.