The following are selected ledger accounts of Spock Corporation at December 31, 2025. Spocks effective tax rate
Question:
The following are selected ledger accounts of Spock Corporation at December 31, 2025.
Spock’s effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000.
Instructions
Prepare a condensed 2025 multi-step income statement for Spock Corporation.
Transcribed Image Text:
Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $ 185,000 535,000 4,275,000 117,000 2,786,000 34,000 27,000 69,000 33,000 24,000 54,000 93,000 48,000 36,000 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowances Freight-in Accounts receivable Sales commissions Telephone and Internet expense (sales) Utilities expense (office) Miscellaneous office expenses Rent revenue Casualty loss (before tax) Interest expense Common stock ($10 par) $ 284,000 346,000 15,000 79,000 72,000 142,500 83,000 17,000 32,000 8,000 240,000 70,000 176,000 900,000
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Related Book For
Intermediate Accounting
ISBN: 9781119790976
18th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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