The following balances were taken from the books of Sheffield Corp, on December 31, 2017,...
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Accounting
The following balances were taken from the books of Sheffield Corp, on December 31, 2017, 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 $88,050 53,050 1,382,050 Accumulated depreciation-equipment$42,050 30,050 157,050 196,050 172,050 102,050 99,050 34,050 62,050 102,050 152,050 502,050 23,050 Accumulated depreciation-buildings Notes receivable 152,050 Selling expenses 22,050Accounts payable 152,050 Bonds payable 9,050Administrative and general expenses 47,050 Accrued liabilities 102,050 Interest expense 202,050 Notes payable 142,050Loss from earthquake damage 623,050 Common stock Retained earnings Assume the total effective tax rate on all items is 34%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings share to 2 decimal places, e.g. 1.48.)
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