Presented below is information related to Bramble Corp. for the year 2020.Net sales $1,378,000 Write-off of inventory due to obsolescence $84,800Cost of goods sold 826,800 Depreciation expense omitted by accident in 2019 58,300Selling expenses 68,900 Casualty loss 53,000Administrative expenses 50,880 Cash dividends declared 47,700Dividend revenue 21,200 Retained earnings at December 31, 2019 1,038,800Interest revenue 7,420 Effective tax rate of 20% on all items (a) Prepare a multiple-step income statement for 2020. Assume that 64,448 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.)BRAMBLE CORP.Income Statementchoose the accounting period select an opening name for section one enter an income statement item $enter a dollar amountenter an income statement item enter a dollar amountselect a summarizing line for the first part enter a total amount for the first partselect an opening name for section two enter an income statement item$enter a dollar amount enter an income statement itementer a dollar amount select a closing name for section one enter a total amount for section twoselect a summarizing line for the second part enter a total amount for the second partselect an opening name for section three enter an income statement itementer a dollar amount enter an income statement itementer a dollar amount enter a total amount for section three enter a total income from operationsselect an opening name for section four enter an income statement itementer a dollar amount select an income statement item enter a dollar amount enter a dollar amountselect a summarizing line for the third part enter a total amount for the third partenter an income statement item enter a dollar amountselect a closing name for this statement enter a total net income or loss amount

Name: Presented below is information related to Bramble Corp. for the year 2
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Presented below is information related to Bramble Corp. for the year 2020.Net sales $1,378,000 Write-off of inventory due to obsolescence $84,800Cost of goods sold 826,800 Depreciation expense omitted by accident in 2019 58,300Selling expenses 68,900

Income statement which categorized income and expenses into operating and non-operating expenses is…

Answered: Presented below is information related…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.8MCP

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Net sales	$1,378,000	Write-off of inventory due to obsolescence	$84,800
Cost of goods sold	826,800	Depreciation expense omitted by accident in 2019	58,300
Selling expenses	68,900	Casualty loss	53,000
Administrative expenses	50,880	Cash dividends declared	47,700
Dividend revenue	21,200	Retained earnings at December 31, 2019	1,038,800
Interest revenue	7,420	Effective tax rate of 20% on all items

(a)

Prepare a multiple-step income statement for 2020. Assume that 64,448 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.)

BRAMBLE CORP. Income Statement choose the accounting period
select an opening name for section one
enter an income statement item		$enter a dollar amount
enter an income statement item		enter a dollar amount
select a summarizing line for the first part		enter a total amount for the first part
select an opening name for section two
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section one		enter a total amount for section two
select a summarizing line for the second part		enter a total amount for the second part
select an opening name for section three
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
		enter a total amount for section three
		enter a total income from operations
select an opening name for section four
enter an income statement item	enter a dollar amount
select an income statement item	enter a dollar amount
		enter a dollar amount
select a summarizing line for the third part		enter a total amount for the third part
enter an income statement item		enter a dollar amount
select a closing name for this statement		enter a total net income or loss amount

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