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The following balances were taken from the books of Sheridan Corp. on December 31, 2020. $87,300 52,300 1,381,300 Accumulated depreciation-equipment Accumulated depreciation-buildings 151,300 21,300 151,300 8,300 46,300 101,300 201,300 141,300 622,300 Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $41,300 29,300 156,300 195,300 171,300 101,300 98,300 33,300 61,300 101,300 151,300 501,300 22,300 Assume 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 ex share to 2 decimal places, e.g. 1.48.)

The following balances were taken from the books of Sheridan Corp. on December 31, 2020. $87,300 52,300 1,381,300 Accumulated depreciation-equipment Accumulated depreciation-buildings 151,300 21,300 151,300 8,300 46,300 101,300 201,300 141,300 622,300 Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $41,300 29,300 156,300 195,300 171,300 101,300 98,300 33,300 61,300 101,300 151,300 501,300 22,300 Assume 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 ex share to 2 decimal places, e.g. 1.48.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following balances were taken from the books of Sheridan 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 Equipment Buildings Cost of goods sold $87,300 52,300 1,381,300 151,300 21,300 151,300 8,300 46,300 101,300 201,300 141,300 622,300 Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $41,300 29,300 156,300 195,300 171,300 101,300 98,300 33,300 61,300 101,300 151,300 501,300 22,300 Assume 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 earr share to 2 decimal places, e.g. 1.48.)
Transcribed Image Text:The following balances were taken from the books of Sheridan 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 Equipment Buildings Cost of goods sold $87,300 52,300 1,381,300 151,300 21,300 151,300 8,300 46,300 101,300 201,300 141,300 622,300 Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $41,300 29,300 156,300 195,300 171,300 101,300 98,300 33,300 61,300 101,300 151,300 501,300 22,300 Assume 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 earr share to 2 decimal places, e.g. 1.48.)
Sales Sales Revenue Less : Sales Discounts Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit/(Loss) Operating Expenses Selling Expenses Administrative Expenses Total Expenses Net Sales Cost of Goods Sold Gross Profit/(Loss) Operating Expenses Selling Expenses Administrative Expenses Total Expenses Per share of common stock: SHERIDAN CORP. Income Statement December 31, 2020 4 $ IN
Transcribed Image Text:Sales Sales Revenue Less : Sales Discounts Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit/(Loss) Operating Expenses Selling Expenses Administrative Expenses Total Expenses Net Sales Cost of Goods Sold Gross Profit/(Loss) Operating Expenses Selling Expenses Administrative Expenses Total Expenses Per share of common stock: SHERIDAN CORP. Income Statement December 31, 2020 4 $ IN
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