Solution-Prepare a multiple-step income statement

Prepare a multiple-step income statement

Reference no: EM13845566

(Multiple-Step and Extraordinary Items) The following balances were taken from the books of Maria Conchita Alonzo Corp. on December 31, 2014.

Interest revenue	$86,000	Accumulated depreciation-equipment	$40,000
Cash	51,000	Accumulated depreciation-buildings	28,000
Sales revenue	1,380,000	Notes receivable	155,000
Accounts receivable	150,000	Selling expenses	194,000
Prepaid insurance	20,000	Accounts payable	170,000
Sales returns and allowances	150,000	Bonds payable	100,000
Allowance for doubtful accounts	7,000	Administrative and general expenses	97,000
Sales discounts	45,000	Accrued liabilities	32,000
Land	100,000	Interest expense	60,000
Equipment	200,000	Notes payable	100,000
Buildings	140,000	Loss from earthquake damage
Cost of goods sold	621,000	(extraordinary item)	150,000
		Common stock	500,000
		Retained earnings	21,000

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

Instructions

Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year.

Reference no: EM13845566

Questions Cloud

Assume lot-for-lot ordering-net material requirements plan : Heather Adams, production manager for a Colorado exercise equipment manufacturer, needs to schedule an order for 50 Ultimate Steppers, which are to be shipped in week 8. Subscripts indicate quantity required for each parent. Assume lot-for-lot orderi..

The activity life cycle of an android application : the activity life cycle of an android application

How many groups of chemically equivalent protons exist : How many groups of chemically equivalent protons exist in the following compounds?

What was the amount invested in scheme : Mr. Thomas invested an amount of Rs. 13,900 divided in two different schemes A and B at the simple interest rate of 14% p.a. and 11% p.a. respectively. If the total amount of simple interest earned in 2 years be Rs. 3508, what was the amount invested..

Prepare a multiple-step income statement : Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year

Explain how technology contributes to change in culture : Explain how technology contributes to change in culture, specifically organizational culture. Give specific examples.

Explore the social psychology network website : Explore the Social Psychology Network website, and get comfortable searching for information. Scan the professional profiles of social psychologists and learn about their social psychological research

Prepare the aggregate plan to cover six periods : Prepare the aggregate plan to cover six periods. period 1 forecast 200, period 2 forecast 200, period 3 forecast 300, period 4 forecast 400, period 5 forecast 500, period 6 forecast 200. cost output regular time $2 per skateboard, temp workforce rate..

What is z-buffer algorithm? : What is z-buffer algorithm?

User Account

All Pages

Prepare a multiple-step income statement

Reference no: EM13845566

Reference no: EM13845566

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT