Prepare the multi-step income statement

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Reference no: EM131763420

Question: Use the following account balances of Mango Inc. to prepare a:

1) Multi-step Income Statement, and

2) Statement of Retained Earnings.

Accounts payable	$60,000
Accounts receivable	90,000
Accumulated depreciation-machinery	180,000
Administrative expenses	170,000
Allowance for doubtful accounts	5,000
Cash	60,000
Common stock	200,000
Cost of goods sold	700,000
Discontinued operations loss (net of tax)	63,000
Dividend revenue	8,000
Dividends declared	24,000
Interest expense	17,000
Interest payable	1,000
Land	370,000
Machinery	450,000
Materials	40,000
Notes payable (maturity 7/1/20)	200,000
Patents	100,000
Retained earnings, January 1, 2016	270,000
Sales revenue	1,250,000
Selling expenses	128,000
Unearned service revenue	4,400

Additional information: 1) Mango, Inc. has 50,000 shares of Common Stock issued and outstanding.

2) Income Tax for continuing operations equals $72,900.

3) The tax effect of the loss on Discontinued Operations was $27,000.

Reference no: EM131763420

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