Excersiae - The following balances were taken from the books of Parnevik Corp. on December 31, 2012.
|
Interest revenue
|
$92,200
|
|
Accumulated depreciation-buildings
|
$34,200
|
|
Cash
|
57,200
|
|
Notes receivable
|
161,200
|
|
Sales revenue
|
1,286,200
|
|
Selling expenses
|
200,200
|
|
Accounts receivable
|
156,200
|
|
Accounts payable
|
176,200
|
|
Prepaid insurance
|
26,200
|
|
Bonds payable
|
106,200
|
|
Sales returns and allowances
|
156,200
|
|
Office expenses
|
103,200
|
|
Allowance for doubtful accounts
|
13,200
|
|
Accrued liabilities
|
38,200
|
|
Sales discounts
|
51,200
|
|
Interest expense
|
66,200
|
|
Land
|
106,200
|
|
Notes payable
|
106,200
|
|
Equipment
|
206,200
|
|
Loss from earthquake damage
|
|
|
Buildings
|
146,200
|
|
(extraordinary item)
|
126,200
|
|
Cost of goods sold
|
627,200
|
|
Common stock
|
506,200
|
|
Accumulated depreciation-equipment
|
46,200
|
|
Retained earnings
|
27,200
|
Assume the total effective tax rate on all items is 34%.
Prepare a multiple-step income statement; 100,300 shares of common stock were outstanding during the year.