Reference no: EM132684490
The following balances were taken from the books of Flint Limited on December 31, 2020:
Interest income $88,000
Accumulated depreciation-equipment $34,000
Cash 51,000
Accumulated depreciation-buildings 25,000
Sales revenue 1,400,000
Notes receivable 165,000
Accounts receivable 160,000
Selling expenses 190,000
Prepaid insurance 17,000
Accounts payable 165,000
Sales returns and allowances 156,000
Bonds payable 111,000
Allowance for doubtful accounts 7,000
Administrative expenses 97,000
Sales discounts 47,000
Unearned revenue 20,000
Land 110,000
Interest expense 42,000
Equipment 220,000
Notes payable 110,000
Building 130,000
Loss from storm damage 162,000
Cost of goods sold 612,000
Depreciation expense 42,000
Assume the total effective tax rate on all items is 30%.
Problem 1: Make a multiple-step income statement showing expenses by function. Assume that 100,000 common shares were outstanding during the year. Include calculation of EPS. Flint Limited follows ASPE but decides to disclose EPS on its income statement
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