The following balances were taken from the books of ShamrockCorp. on December 31, 2017.Interest...The...

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Accounting

The following balances were taken from the books of ShamrockCorp. on December 31, 2017.
Interest revenue $87,050 Accumulated depreciation—equipment $41,050
Cash 52,050 Accumulated depreciation—buildings 29,050
Sales revenue 1,381,050 Notes receivable 156,050
Accounts receivable 151,050 Selling expenses 195,050
Prepaid insurance 21,050 Accounts payable 171,050
Sales returns and allowances 151,050 Bonds payable 101,050
Allowance for doubtful accounts 8,050 Administrative and general expenses 98,050
Sales discounts 46,050 Accrued liabilities 33,050
Land 101,050 Interest expense 61,050
Equipment 201,050 Notes payable 101,050
Buildings 141,050 Loss from earthquake damage 151,050
Cost of goods sold 622,050 Common stock 501,050
Retained earnings 22,050

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

Prepare a multiple-step income statement; 100,000 shares of commonstock were outstanding during the year. (Round earningsper share to 2 decimal places, e.g. 1.48.)

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4.3 Ratings (552 Votes)

Shamrock Corp multi Income Statement For the year ended 31 December 2017 Sales Revenue Sales 1381050 Less Sales Return and allowances 151050 Less Sales Discounts 46050 197100 Net Sales Revenue 1183950 Cost of See Answer

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In: AccountingThe following balances were taken from the books of ShamrockCorp. on December 31, 2017.Interest...The following balances were taken from the books of ShamrockCorp. on December 31, 2017.Interest revenue$87,050Accumulated depreciation—equipment$41,050Cash52,050Accumulated depreciation—buildings29,050Sales revenue1,381,050Notes receivable156,050Accounts receivable151,050Selling expenses195,050Prepaid insurance21,050Accounts payable171,050Sales returns and allowances151,050Bonds payable101,050Allowance for doubtful accounts8,050Administrative and general expenses98,050Sales discounts46,050Accrued liabilities33,050Land101,050Interest expense61,050Equipment201,050Notes payable101,050Buildings141,050Loss from earthquake damage151,050Cost of goods sold622,050Common stock501,050Retained earnings22,050Assume the total effective tax rate on all items is 34%.Prepare a multiple-step income statement; 100,000 shares of commonstock were outstanding during the year. (Round earningsper share to 2 decimal places, e.g. 1.48.)

Interest revenue	$87,050	Accumulated depreciation—equipment	$41,050
Cash	52,050	Accumulated depreciation—buildings	29,050
Sales revenue	1,381,050	Notes receivable	156,050
Accounts receivable	151,050	Selling expenses	195,050
Prepaid insurance	21,050	Accounts payable	171,050
Sales returns and allowances	151,050	Bonds payable	101,050
Allowance for doubtful accounts	8,050	Administrative and general expenses	98,050
Sales discounts	46,050	Accrued liabilities	33,050
Land	101,050	Interest expense	61,050
Equipment	201,050	Notes payable	101,050
Buildings	141,050	Loss from earthquake damage	151,050
Cost of goods sold	622,050	Common stock	501,050
		Retained earnings	22,050