Income_Statement_Practice_Problem

Income_Statement_Practice_Problem - Preferred Stock $...

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The following accounts have been taken from the adjusted trial balance of APP, Inc. as of 12/31/2005. All numbers are gross. Income taxes are 30%. Prepare a multiple step income statement in good form for the year ended 2005. Accumulated Depreciation $ 1,800,000 Accumulated Other Comprehensive Income $ 1,132,000 Administrative Expense $ 2,464,000 Allowance for Uncollectible Accounts $ 290,000 Common Stock, Par Value $20 $ 4,000,000 Cost of Goods Sold $ 4,690,000 Deferred Gains from Derivatives $ 1,220,000 Dividends Common Stock $ 200,000
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Unformatted text preview: Preferred Stock $ 160,000 Extraordinary Loss $ 720,000 Loss on Sale of Securities $ 254,000 Income from Discontinued Operations $ 1,620,000 Interest Expense $ 620,000 Interest Revenue $ 374,000 Interest Payable $ 94,000 Loss on Disposal of Discontinued Operations $ 1,420,000 Gain on Sale of Equipment $ 112,000 Preferred Stock $ 3,000,000 Prepaid Insurance $ 180,000 Prior Period Adjustment (credit) $ 248,000 Retained Earnings $15,000,000 Sales Revenue $11,400,000 Selling Expense $ 1,796,000...
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