Current Attempt in Progress

The following balances were taken from the books of Alonzo Corp. on December 31, 2020.

Interest revenue		$ 86,000		Accumulated depreciationequipment		$ 40,000
Cash		51,000		Accumulated depreciationbuildings		28,000
Sales revenue		1,380,000		Notes receivable		155,000
Accounts receivable		150,000		Selling expenses		194,000
Prepaid insurance		20,000		Accounts payable		170,000
Sales returns and allowances		150,000		Bonds payable		100,000
Allowance for doubtful accounts		7,000		Administrative and general expenses		97,000
Sales discounts		45,000		Accrued liabilities		32,000
Land		100,000		Interest expense		60,000
Equipment		200,000		Notes payable		100,000
Buildings		140,000		Loss from earthquake damage		150,000
Cost of goods sold		621,000		Common stock		500,000
				Retained earnings		21,000

Assume the total effective tax rate on all items is 20%. 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.)

ALONZO CORP. Income Statement choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
select an opening name for section one Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses
enter an income statement item		$ enter a dollar amount
select between addition and deduction AddLess:
enter an income statement item	$ enter a dollar amount
enter an income statement item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name for section one Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses		enter a total amount for section one
enter an income statement item		enter a dollar amount
select a summarizing line for the first part Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses		enter a total amount for the first part
select an opening name for section two Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a summarizing line for the second part Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses		enter a total amount for the second part
select an opening name for section three Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses
enter an income statement item		enter a dollar amount
		enter a subtotal of the two previous amounts
select an opening name for section four Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses
enter an income statement item		enter a dollar amount
enter an income statement item		enter a dollar amount
select a summarizing line for the third part Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses		enter a total amount for the third part
enter an income statement item		enter a dollar amount
select a closing name for this statement Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses		enter a total net income or loss amount
Per share of common stock:
select an income statement item Other Expenses and LossesDividendsEarnings Per Common ShareExpensesOther Revenues and GainsIncome Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31SalesTotal Expenses		$ enter a dollar amount rounded to 2 decimal places