View the step-by-step solution to: Prepare a Multi-step Income Statement in good form Account

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Prepare a Multi-step Income Statement in good form Account Receivable 165,824 Accrued Interest on Notes Payable 500 Accrued Liabilities 9,500 Accumulated Depreciations 341,200 Additional Paid-in Capital 37,500 Administrative Expenses 350,000 Allowance for doubtful accounts 1,850 Building 975,800 Cash 42,485 Common Stock 400,000 Copyrights 105,000 Cost of Goods Sold 1,000,000 Customer Deposits (expected to be paid next year) 420 Deposits with Vendors (based on a long-term purchase contract) 50,000 Depreciation Expense (40% - Selling,60% - Administrative) 100,000 Dividend Income 30,000 Goodwill 100,000 Income Tax Expense 82,250 Income Taxes Payable 62,520 Interest Revenue 25,000 Inventories 499,493 Investments in Warren Co. 87,500 Land 125,000 Mortgage Payable ($1,500 per month) 308,000 Notes Payable to Banks 50,000 Notes Receivable (due next year) 23,000 Patents 125,000 Preferred Stock, 7% 300,000 Prepaid Expenses 16,252 Rental Income 50,000 Retained Earnings 162,582 Selling Expenses 300,000 Salaries Payable 52,000 Sales Discounts 120,000 Sales Revenue 2,000,000 Securities (available for sale)–at fair Market value 28,250 Trademarks 80,000 Twenty-year, 12% Bonds, due 1/1/2013 500,000
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