Acct 3311-Quiz1

Acct 3311-Quiz1 - The following are selected account...

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The following are selected account balances taken from the adjusted trial balance of ABC Corporation. Select all of the relevant account balances and prepare a multiple-step income statement for 2008 for ABC Corporation that is presented in accordance with generally accepted accounting principles. You are also required to provide Basic earnings per share information at the end of the income statement. Sales revenue $1,100,000 Cost of Goods Sold 530,500 Cash 90,000 Sales discounts 90,000 Prepaid Insurance 45,000 Accounts Receivable 30,000 Interest expense 13,000 Major casualty loss (extraordinary item) 90,000 Discontinued operation - gain on operations 90,000 Discontinued operation - loss on disposal 60,000 Unearned Revenue 27,000 Accounts Payable 73,000 Dividends 20,000 Income tax expense ? Selling expenses 75,000 Administrative expenses 52,000 Unusual gain 19,500 Note that all of the above items are reported at gross amounts before taxes and have their normal debit or credit balances. Also note that the Income tax expenses will need to be calculated and
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This note was uploaded on 03/23/2012 for the course ACCT 3311 taught by Professor Lee during the Spring '08 term at UT Arlington.

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Acct 3311-Quiz1 - The following are selected account...

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