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

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Accounting

The following balances were taken from the books of Alonzo Corp.on December 31, 2017. Interest revenue $86,000 Accumulateddepreciation—equipment $40,000 Cash 51,000 Accumulateddepreciation—buildings 28,000 Sales revenue 1,380,000 Notesreceivable 155,000 Accounts receivable 150,000 Selling expenses194,000 Prepaid insurance 20,000 Accounts payable 170,000 Salesreturns and allowances 150,000 Bonds payable 100,000 Allowance fordoubtful accounts 7,000 Administrative and general expenses 97,000Sales discounts 45,000 Accrued liabilities 32,000 Land 100,000Interest expense 60,000 Equipment 200,000 Notes payable 100,000Buildings 140,000 Loss from earthquake damage 150,000 Cost of goodssold 621,000 Common stock 500,000 Retained earnings 21,000 Assumethe total effective tax rate on all items is 34%. Prepare amultiple-step income statement; 100,000 shares of common stock wereoutstanding during the year. (Round earnings per share to 2 decimalplaces, e.g. 1.48.)

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Alonzo Corp Income Statement For the year ended December 31 2017 Sales Sales revenue 1380000 Less Sales discounts 45000 Less Sales returns and allowances 150000 195000 Net sales 1185000 See Answer

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