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Prepare a multiple step income statement; 100,000 shares of common stock were outstanding during the year E4-5 multiple step and extraordinary items) the following balances were taken from the books of parnevik corp on December 31 2010 Interest revenue 86000 cash 51,000 sales 1,280,000 accounts receivable 150,000 prepaid insurance 20,000 sales returns and allowances 150,000 allowance for doubtful accounts 7,000 sales discounts 45,000 land 100,000 equipment 200,000 building 140,000 cost of goods sold 621,000 accumulated depreciation-equipment 40,000 accumulated depreciation-building 28,000 notes receivable 155,000 selling expenses 194,000 accounts payable 170,000 bonds payable 100,000 administrative and general expenses 97,000 accrued liablilities32,000 interest expense 60,000 notes payable 100,000 loss form earthquake damage (extraordinary item 120,000 common stock 500,000 retained earnings 21,000 Assume the total effective tax rate on all items is 34% Prepare a multiple step income statement; 100,000 shares of common stock were outstanding during the year I keep getting stuck, I am missing something and cannot find it, please help. yvonnevand@hotmail.com
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Dear Student, Please find the solution attached. Regards  

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Parnevik Corp
Multiple Step Income Statement
For the period ending 31 December 2010
Particulars
Details $
Net Sales
Less: Cost Of Goods Sold
Gross Profit
Add: Operating Income
Less: Operating...