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4/25/2017 Exercise 46
https://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni 1/2
Print by: Lakesha Bryant ACC303009VA0161174001: Intrmdiate Acc I / Homework Chapter 4
*Exercise 46 The following balances were taken from the books of Maria Conchita Alonzo Corp. on December 31, 2014.
Interest revenue $96,200 Accumulated depreciation—buildings $38,200
Cash 61,200 Notes receivable 165,200 Sales revenue 1,390,200 Selling expenses 204,200 Accounts receivable 160,200 Accounts payable 180,200 Prepaid insurance 30,200 Bonds payable 110,200
Sales returns and allowances 160,200 Administrative and generalexpenses 107,200
Allowance for doubtful accounts 17,200 Accrued liabilities 42,200 Sales discounts 55,200 Interest expense 70,200 Land 110,200 Notes payable 110,200
Equipment 210,200 Loss from earthquake damage (extraordinary item) 160,200
Buildings 150,200 Common stock 510,200 Cost of goods sold 631,200 Retained earnings 31,200 Accumulated depreciation— equipment 50,200
Assume the total effective tax rate on all items is 34%.
Prepare a multiplestep income statement; 101,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.)
MARIA CONCHITA ALONZO CORP. Income Statement
For the Year Ended December 31, 2014
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4/25/2017 Exercise 46
https://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni 2/2
Question Attempts: 0 of 3 used
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