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King Company 12/31/20x2 Partial Trial Balance Data Debits Credits Sales revenue 805,000 Interest revenue 67,000 Gain on sale of investments 117,000 Cost of goods sold
King Company 12/31/20x2 | ||||
Partial Trial Balance Data | Debits | Credits | ||
Sales revenue | 805,000 | |||
Interest revenue | 67,000 | |||
Gain on sale of investments | 117,000 | |||
Cost of goods sold | 570,000 | |||
Selling expense | 143,000 | |||
Interest expense | 37,000 | |||
General and administrative expenses | 114,000 | |||
King had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Required: Prepare a multiple-step income statement with earnings per share disclosure. (Amounts to be deducted should be indicated with a minus sign. Round Earnings per share answer to 2 decimal places.)
King had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Required: Prepare a multiple-step income statement with earnings per share disclosure. (Amounts to be deducted should be indicated with a minus sign. Round Earnings per share answer to 2 decimal places.)Step by Step Solution
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