Solution-Prepare multiple-step income statement showing

Prepare multiple-step income statement showing expenses

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Reference no: EM133139357

Question - The following balances were taken from the books of Monty Limited on December 31, 2020:

Interest income	$84,000	Accumulated depreciation-equipment	$50,000
Cash	52,000	Accumulated depreciation-buildings	26,000
Sales revenue	1,390,000	Notes receivable	145,000
Accounts receivable	140,000	Selling expenses	193,000
Prepaid insurance	25,000	Accounts payable	167,000
Sales returns and allowances	136,000	Bonds payable	101,000
Allowance for doubtful accounts	7,000	Administrative expenses	97,000
Sales discounts	42,000	Unearned revenue	23,000
Land	100,000	Interest expense	41,000
Equipment	200,000	Notes payable	100,000
Building	130,000	Loss from storm damage	142,000
Cost of goods sold	612,000	Depreciation expense	41,000

Assume the total effective tax rate on all items is 20%.

Prepare multiple-step income statement showing expenses by function. Assume that 100,000 common shares were outstanding during the year. Include calculation of EPS. Monty Limited follows ASPE but decides to disclose EPS on its income statement.

Reference no: EM133139357

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Prepare multiple-step income statement showing expenses

Reference no: EM133139357

Reference no: EM133139357

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