Preparation of multi-step income statementa partial trial

Assignment Help Financial Accounting

Reference no: EM13356542

Preparation of Multi-step Income statement.

A partial trial balance for Franklin Enterprises at December 31, 2009 included the following:

Sales revenue	$1,850,000
Loss on sale of equipment	30,000
Interest revenue	80,000
Interest expense	20,000
Loss on expropriated assets	150,000
Cost of goods sold	1,100,000
Salaries expense	240,000
Depreciation expense	150,000
Write-off of obsolete inventory	10,000
Rent expense	50,000

Franklin Enterprises has 50,000 shares of stock issued and outstanding and during 2009, was subject to a 35% federal income tax rate.

Required: Using the information provided, prepare a multi-step income statement for the year ended December 31, 2009 in proper format including earnings per share disclosure.

Reference no: EM13356542

Questions Cloud

Preparation of bad debt account and their adjustmentbad : preparation of bad debt account and their adjustment.bad debts analysis allowance account on january 1 2009 the balance

Adjustment in general account balanceslisted below are the : adjustment in general account balances.listed below are the unadjusted general ledger account balances of olsen company

1 blp corporation reported wages expense of 224000 wages : 1. blp corporation reported wages expense of 224000 wages payable of 89400 at the beginning of the year and wages

Identification of defiances appears in financial : identification of defiances appears in financial statements.you recently joined the internal auditing department of kay

Preparation of multi-step income statementa partial trial : preparation of multi-step income statement.a partial trial balance for franklin enterprises at december 31 2009

Preparation of closing entries and statement of retained : preparation of closing entries and statement of retained earnings.the adjusted trial balance for china tea company at

Preparation of income statement and balance sheetfinancial : preparation of income statement and balance sheet.financial data for 20081. sales for the year all on account were

Multiple choice questions on cost management basics1 the : multiple choice questions on cost management basics.1. the book value of an old machine is always considered a sunk

Mate boomerang corporation manufactures and sells plastic : mate boomerang corporation manufactures and sells plastic boomerangs. expected boomerang sales in units for the

User Account

All Pages