Exercise 4 06 The following balances were taken from the books of Sheffield Corp on December 31, 2020 Interest revenue $87,800 Accumulated depreciationequipment $41,800 Cash 52,800 Accumulated depreciationbuildings 29,800 Sales revenue 1,381,800 Notes receivable 156,800 Accounts receivable 151,800 Selling expenses 195,800 Prepaid insurance 21,800 Accounts payable 171,800 Sales returns and allowances 151,800 Bonds payable 101,800 Allowance for doubtful accounts 8,800 Administrative and general expenses 98,800 Sales discounts 46,800 Accrued liabilities 33,800 Land 101,800 Interest expense 61,800 Equipment 201,800 Notes payable 101,800 Buildings 141,800 Loss from earthquake damage 151,800 Cost of goods sold 622,800 Common stock 501,800 Retained earnings 22,800 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 )

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Exercise 4-06 The following balances were taken from the books of Sheffield Corp. on December 31, 2020. Interest revenue $87,800 Accumulated depreciationequipment $41,800 Cash 52,800

Exercise 4-06

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

Interest revenue	$87,800	Accumulated depreciationequipment	$41,800
Cash	52,800	Accumulated depreciationbuildings	29,800
Sales revenue	1,381,800	Notes receivable	156,800
Accounts receivable	151,800	Selling expenses	195,800
Prepaid insurance	21,800	Accounts payable	171,800
Sales returns and allowances	151,800	Bonds payable	101,800
Allowance for doubtful accounts	8,800	Administrative and general expenses	98,800
Sales discounts	46,800	Accrued liabilities	33,800
Land	101,800	Interest expense	61,800
Equipment	201,800	Notes payable	101,800
Buildings	141,800	Loss from earthquake damage	151,800
Cost of goods sold	622,800	Common stock	501,800
		Retained earnings	22,800

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.)