The following balances were taken from the books of Sunland Corp. on December 31, 2020. $87,600 52,600 1,381,600 Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold Sales Sales Revenue Less 151,600 21,600 151,600 8,600 46,600 101,600 201,600 141,600 622,600 Sales Returns and Allowan Sales Discounts Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round per share to 2 decimal places, e.g. 1.48.) December 31, 2020 Common stock Retained earnings SUNLAND CORP. Income Statement $41,600 29,600 00 156,600 195,600 171,600 101,600 98,600 33,600 61,600 101,600 151,600 501,600 22,600

The following balances were taken from the books of Sunland Corp. on December 31, 2020. $87,600 52,600 1,381,600 Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold Sales Sales Revenue Less 151,600 21,600 151,600 8,600 46,600 101,600 201,600 141,600 622,600 Sales Returns and Allowan Sales Discounts Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round per share to 2 decimal places, e.g. 1.48.) December 31, 2020 Common stock Retained earnings SUNLAND CORP. Income Statement $41,600 29,600 00 156,600 195,600 171,600 101,600 98,600 33,600 61,600 101,600 151,600 501,600 22,600

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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