Testbank Problem 115 Shown below is an income statement for 2020 that was prepared by...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Testbank Problem 115 Shown below is an income statement for 2020 that was prepared by a poorly trained bookkeeper of Sunland Corporation. Sunland Corporation INCOME STATEMENT December 31, 2020 Sales revenue Investment revenue Cost of goods sold Selling expenses Administrative expenses Interest expense Income before special items Special items Loss on disposal of a component of the business Net federal income tax liability Net income $826,000 21,900 (410,500) (145,300) (192,500) (12,800) 86,800 (44,900) (12,570) $29,330 Prepare a multiple-step income statement for 2020 for Sunland Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology). Sunland Corporation has 50,000 shares of common stock outstanding and has a 30% federal income tax rate on all tax related items. (Round per share values to 2 decimal places, e.g. $2.50.) Sunland Corporation INCOME STATEMENT Click if you would like to Show Work for this question: Open Show Work
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
