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

This question was answered on Mar 31, 2012. View the Answer
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
Sign up to view the entire interaction

Top Answer

Dear Student Please find... View the full answer


If you want the formulas and any calculations, select the corresponding cell and press F2(Function Key on key board),
It will show all calculations and formulas Automatically
Please Give Me the...

Recently Asked Questions

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors and customizable flashcards—available anywhere, anytime.


Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access or to earn money with our Marketplace.

    Browse Documents
  • 890,990,898

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
  • 890,990,898


    Browse existing sets or create your own using our digital flashcard system. A simple yet effective studying tool to help you earn the grade that you want!

    Browse Flashcards