Question 1 Your answer is partially correct. Try again. The following balances w
ID: 2342371 • Letter: Q
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Question 1 Your answer is partially correct. Try again. The following balances were taken from the books of Coronado Corp. on December 31, 2017 Interest revenue as Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful acco Sales discounts Land Equipment Buildings Cost of goods sold $87,150 52,150 1,381,150 151,150 21,150 151,150 8,150 46,150 101,150 201,150 141,150 622,150 Accumulated depreciation-equipment Accumulated depreciation-buildings 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 $41,150 29,150 156,150 195,150 171,150 101,150 98,150 33,150 61,150 101,150 151,150 501,150 22,150 Assume the total effective tax rate on all items is 34% Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.) CORONADO CORP Income Statement For the Year Ended December 31, 2017 Revenue Sales Revenue 1,381,150 Less Sales Discounts 46,150 Sales Returns and Allowances 151,150 197300 Net Sales 1183850Explanation / Answer
Income Statement: Revenue Sales revenue 1381150 Less: Sales discount 46150 Sales return nd allowance 151150 197300 Net sales 1183850 Cost of goods sold 622150 Gross Profit 561700 Less: Operating expenses Selling expenses 195150 Admin expenses 98150 293300 Income from operations 268400 Other revenue and Gains: Interest revenue 87150 355550 Other expenses and losses Interest expenses 61150 Loss from Earthquake damage 151150 Income before tax 143250 Less: Income tax @ 34% 48705 Net income 94545 EPS (94545/100000) 0.94545
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