Prepare a multiple-step income statement

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Reference no: EM131827455

Excersiae - The following balances were taken from the books of Parnevik Corp. on December 31, 2012.

Interest revenue

$92,200


Accumulated depreciation-buildings

$34,200

Cash

57,200


Notes receivable

161,200

Sales revenue

1,286,200


Selling expenses

200,200

Accounts receivable

156,200


Accounts payable

176,200

Prepaid insurance

26,200


Bonds payable

106,200

Sales returns and allowances

156,200


Office expenses

103,200

Allowance for doubtful accounts

13,200


Accrued liabilities

38,200

Sales discounts

51,200


Interest expense

66,200

Land

106,200


Notes payable

106,200

Equipment

206,200


Loss from earthquake damage


Buildings

146,200


(extraordinary item)

126,200

Cost of goods sold

627,200


Common stock

506,200

Accumulated depreciation-equipment

46,200


Retained earnings

27,200

Assume the total effective tax rate on all items is 34%.

Prepare a multiple-step income statement; 100,300 shares of common stock were outstanding during the year.

Reference no: EM131827455

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