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22 of 22 < CUTER ALLemps Progress The following balances were taken from the books of Sheffield Limited on December 31, 2020: Interest income $86.000 Accumulated depreciation-equipment $50,000 Cash 51,000 Accumulated depreciation-buildings 31.000 Sales revenue 1.370,000 Notes receivable 165.000 Accounts receivable 160.000 Selling expenses 195.000 Prepaid insurance 25.000 Accounts payable 170.000 Sales returns and allowances 156.000 Bonds payable 101,000 Allowance for doubtful accounts 8.000 Administrative expenses 97,000 Sales discounts 43.000 Unearned revenue 28,000 Land 100.000 Interest expense 42,500 Equipment 200.000 Notes payable 100,000 Building 160.000 Loss from storm damage 162.000 Cost of goods sold 628,000 Depreciation expense 42.500 i Building Cost of goods sold 160,000 Loss from storm damage 162,000 628,000 Depreciation expense 42,500 -15 E Assume the total effective tax rate on all items is 30% Prepare a multiple-step income statement showing expenses by function. Assume that 100.000 common shares were outstanding during the year. Include calculation of EPS. Sheffield Limited follows ASPE but decides to disclose EPS on its income statement (Round per share answer to 2 decimal places, eg. 52.74) Sheffield Limited Income Statement For the Year Ended December 31, 2020 Revere Sales Revenue 1370000 Sales Returns and Allowances Sales Clists

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