Maurice Tutor

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Category > Accounting Posted 12 Aug 2017 My Price 13.00

Maria Conchita Alonzo Corp

The following balances were taken from the books of Maria Conchita Alonzo Corp. on December 31, 2014.

 

Interest revenue   $94,500   Accumulated depreciation"buildings   $36,500
Cash   59,500   Notes receivable   163,500
Sales revenue   1,388,500   Selling expenses   202,500
Accounts receivable   158,500   Accounts payable   178,500
Prepaid insurance   28,500   Bonds payable   108,500
Sales returns and allowances   158,500   Administrative and general expenses   105,500
Allowance for doubtful accounts   15,500   Accrued liabilities   40,500
Sales discounts   53,500   Interest expense   68,500
Land   108,500   Notes payable   108,500
Equipment   208,500   Loss from earthquake damage
(extraordinary item)		   158,500
Buildings   148,500   Common stock   508,500
Cost of goods sold   629,500   Retained earnings   29,500
Accumulated depreciation"equipment   48,500      

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 per share to 2 decimal places, e.g. 1.48.)

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Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 12:08 AM My Price 13.00

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