Solution-Prepare a multiple-step income statement

Prepare a multiple-step income statement

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Reference no: EM131827455

Excersiae - The following balances were taken from the books of Parnevik Corp. on December 31, 2012.

Interest revenue	$92,200	Accumulated depreciation-buildings	$34,200
Cash	57,200	Notes receivable	161,200
Sales revenue	1,286,200	Selling expenses	200,200
Accounts receivable	156,200	Accounts payable	176,200
Prepaid insurance	26,200	Bonds payable	106,200
Sales returns and allowances	156,200	Office expenses	103,200
Allowance for doubtful accounts	13,200	Accrued liabilities	38,200
Sales discounts	51,200	Interest expense	66,200
Land	106,200	Notes payable	106,200
Equipment	206,200	Loss from earthquake damage
Buildings	146,200	(extraordinary item)	126,200
Cost of goods sold	627,200	Common stock	506,200
Accumulated depreciation-equipment	46,200	Retained earnings	27,200

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

Prepare a multiple-step income statement; 100,300 shares of common stock were outstanding during the year.

Reference no: EM131827455

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Prepare a multiple-step income statement

Reference no: EM131827455

Reference no: EM131827455

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