Please do not give solution in image format thanku The following balances were taken from the books of Swifty Corp. on December 31, 2020.Accumulated depreciation-equipmentAccumulated depreciation-buildingsInterest revenueCashSales revenueAccounts receivablePrepaid insuranceSales returns and allowancesAllowance for doubtful accountsSales discountsLandEquipmentBuildingsCost of goods sold$87,10052,100Sales1,381,100151.10021,100151,1008,10046,100101,100201,100141,100622,100Notes receivableSelling expensesAccounts payable iBonds payableAdministrative and general expensesAccrued liabilitiesInterest expenseNotes payableLoss from earthquake damageCommon stockRetained earnings$41,100SWIFTY CORP.Income StatementFor the Year Ended December 31, 202029,100156,100195,100171.100101,10098,100(33,10061,100101,100151,100501,100Assume the total effective tax rate on all items is 20%.Prepare a multiple-step income statement: 100,000 shares of common stock were outstanding during the year. (Round earnings pershare to 2 decimal places, e.g. 1.48.)22,100$1.381.100

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Description: Please do not give solution in image format thanku The following balances were taken from the books of Swifty Corp. on December 31, 2020.Accumulated depreciation-equipmentAccumulated depreciation-buildingsInterest revenueCashSales revenueAccounts rec

Income statement refers to the statement which is being prepared by the business at the end of…

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Accounting

The following balances were taken from the books of Swifty Corp. on December 31, 2020. Accumulated depreciation-equipment Accumulated depreciation-buildings Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances, Allowance for doubtful accounts Sales discounts Land $87,100 52,100 1,381,100 151.100 21,100 151,100 8,100 46,100 101.100 Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense $41,100 29,100 156,100 195,100 171.100 101,100 98,100 33,100 61,100

The following balances were taken from the books of Swifty Corp. on December 31, 2020. Accumulated depreciation-equipment Accumulated depreciation-buildings Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances, Allowance for doubtful accounts Sales discounts Land $87,100 52,100 1,381,100 151.100 21,100 151,100 8,100 46,100 101.100 Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense $41,100 29,100 156,100 195,100 171.100 101,100 98,100 33,100 61,100

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 17P: On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and...

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