Horngren's Financial & Managerial Accounting, The Financial Chapters, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780133851731
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 15, Problem 15.40BP
To determine
Multi step income statement: A multiple step income statement refers to the income statement that shows the operating and non-operating activities of the business under separate head. In different steps of the multi-step income statement, principal operating activities are reported that starts from the record of sales revenue with all contra sales revenue account like sales returns, allowances and sales discounts.
To prepare: the multi-step income statement for S Motorsports for the year ended November 30, 2016.
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Kinley Inc. provides the following information for the year 2016:Net Income $225,000Market Price per Share of Common Stock $50 per shareDividends Paid $50,000Common Stock Outstanding on Jan. 1, 2016 120,000 sharesCommon Stock Outstanding on Dec. 31, 2016 210,000 sharesThe company has NO preferred stock outstanding. Calculate the Earnings Per Share for the year 2016.
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Preferred shares, $1 cumulative, 50,000 shares authorized,
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Cost of goods sold 635,000
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Sales Returns 10,000
Sales Discounts 3,500
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Chapter 15 Solutions
Horngren's Financial & Managerial Accounting, The Financial Chapters, Student Value Edition (5th Edition)
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