{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T01:18:41-04:00", "answer_date": "2024-05-27 01:18:41", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1770834", "url": "\/study-help\/questions\/e413-lo-5-multiplestep-and-unusual-items-the-following-balances-1770834", "question_creation_date_js": "2024-05-27T01:18:41-04:00", "question_creation_date": "May 27, 2024 01:18 AM", "meta_title": "[Solved] E4.13 (LO 5) (Multiple-Step and Unusual I | SolutionInn", "meta_description": "Answer of - E4.13 (LO 5) (Multiple-Step and Unusual Items) The following balances were taken from the books of Quality Fabrication | SolutionInn", "meta_keywords": "e4.13,lo,5,multiple-step,unusual,items,balances,books,quality,fabrication,limited,december", "question_title_h1": " E4.13 (LO 5) (Multiple-Step and Unusual Items) The following balances were taken from the books of Quality Fabrication Limited on December 31, 2020: Interest", "question_title": " E4.13 (LO 5) (Multiple-Step and Unusual Items) The following balances were", "question_title_for_js_snippet": "E4 13 (LO 5) (Multiple Step and Unusual Items) The following balances were taken from the books of Quality Fabrication Limited on December 31, 2020 Interest income Cash Sales revenue $ 70,000 Accumulated depreciation equipment $ 32,000 40,000 1,120,000 Accumulated depreciation buildings Notes receivable 23,000 125,000 Accounts receivable Prepaid insurance 122,000 Seiling expenses 160,000 16,000 Accounts payable 140,000 Sales returns and allowances 118,000 Bonds payable 81,000 Allowance for doubtful accounts 6,000 Administrative expenses 80,000 Sales discounts 40,000 Unearned revenue 16,000 Land 80,000 Interest expense 50,000 Equipment 160,000 Notes payable 80,000 Buildings 115,000 Loss from storm damage 124,000 Cost of goods sold 504,000 Depreciation expense 50,000 Assume the total effective tax rate on all items is 25 Instructions Prepare a multiple step income statement showing expenses by function Assume that 150,000 common shares were outstanding during the year Quality Fabrication Limited follows ASPE but decides to dis close EPS on its income statement ", "question_description": "\"image", "transcribed_text": "E4.13 (LO 5) (Multiple-Step and Unusual Items) The following balances were taken from the books of Quality Fabrication Limited on December 31, 2020: Interest income Cash Sales revenue $ 70,000 Accumulated depreciation-equipment $ 32,000 40,000 1,120,000 Accumulated depreciation-buildings Notes receivable 23,000 125,000 Accounts receivable Prepaid insurance 122,000 Seiling expenses 160,000 16,000 Accounts payable 140,000 Sales returns and allowances 118,000 Bonds payable 81,000 Allowance for doubtful accounts 6,000 Administrative expenses 80,000 Sales discounts 40,000 Unearned revenue 16,000 Land 80,000 Interest expense 50,000 Equipment 160,000 Notes payable 80,000 Buildings 115,000 Loss from storm damage 124,000 Cost of goods sold 504,000 Depreciation expense 50,000 Assume the total effective tax rate on all items is 25%. Instructions Prepare a multiple-step income statement showing expenses by function. Assume that 150,000 common shares were outstanding during the year. Quality Fabrication Limited follows ASPE but decides to dis- close EPS on its income statement.", "related_book": { "title": "Corporate Financial Accounting", "isbn": "1305041399, 1285078586, 978-1-133-9524, 9781133952428, 978-1305041394, 9781285078588, 1-133-95241-0, 978-1133952411", "edition": "12th edition", "authors": "Carl S. Warren, James M. Reeve, Jonathan E. Duchac", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/278.jpg", "uri": "\/textbooks\/corporate-financial-accounting-12th-edition-278", "see_more_uri": "" }, "free_related_book": { "isbn": "B017LWS9Y8", "uri": "\/textbooks\/mudder-metal-referee-whistles-coach-whistles-with-lanyard-for-football-coaches-and-officials-2-pieces-silver-b017lws9y8-142866", "name": "Mudder Metal Referee Whistles Coach Whistles With Lanyard For Football Coaches And Officials 2 Pieces Silver", "edition": "" }, "question_posted": "2024-05-27 01:18:41", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/calculate-investment-balance-four-years-after-acquisition-ray-corporation-owns", "description": "Calculate investment balance four years after acquisition Ray Corporation owns a 40 percent interest in the outstanding common stock of Ton Corporation, having acquired its interest for $2,400,000 on...", "stars": 3 }, { "url": "\/susquehana-company-purchased-an-asset-at-the-beginning-of-the", "description": "Susquehana Company purchased an asset at the beginning of the current year for $250,000. 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