Helpl ment Exercise 4-6 The following balances were taken from the books of Coro

Question

Helpl ment Exercise 4-6 The following balances were taken from the books of Coronado Corp. on December 31, 2017. 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 $87,450 Accumulated depreciation-equipment $41,450 29,450 156,450 195,450 171,450 101,450 52,450 Accumulated depreciation-buildings Notes receivable 1,381,450 151,450Selling expenses 21,450 Accounts payable 151,450 Bonds payable 8,450 46,450 101,450 201,450 141,450 622,450 Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings 98,450 33,450 61,450 101,450 151,450 501,450 22,450 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 yea CORONADO CORP Income Statement acy Policy 1 2000-2018 2ohn Wiley &Sons.Ins. All Rights Reserved. A Division of lohn Wiley & SonsIn

Explanation / Answer

CORONADO CORP. Income Statement For the year ended December 31,2017 Revenue Sales revenue 1381450 Less: Sales return and allowance 151450 Sales discount 46450 -197900 Net Sales revenue 1183550 Cost of goods sold -622450 Gross profit 561100 Operating expense Administrative and general expense 98450 Selling expense 195450 -293900 Operating income 267200 Other revenue Interest revenue 87450 354650 Other expense Interest expense -61450 293200 Income from extraoridnary income (loss) Loss from earthquake -151400 Income before tax 141800 Less; Income tax -48212 Net income 93588 Share outstanding 100000 EPS 0.94

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