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please help me to make corrections, thanks Tour driswer partially correct. Try again. se 2-01 se 2-02 Fe 2-07 Z - C-03 The following balances
please help me to make corrections, thanks
Tour driswer partially correct. Try again. se 2-01 se 2-02 Fe 2-07 Z - C-03 The following balances were taken from the books of Swifty Limited on December 31, 2020: (Part sion) a-b.dl- Part on) Interest income Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Building Cost of goods sold $81,000 Accumulated depreciation-equipment 49,000 Accumulated depreciation-buildings 1,400,000 Notes receivable 150,000 Selling expenses 15,000 Accounts payable 146,000 Bonds payable 6,000 Administrative expenses 46,000 Unearned revenue 110,000 Interest expense 220,000 Notes payable 160,000 Loss from storm damage 628,000 Depreciation expense $30,000 29,000 155,000 193,000 166,000 111,000 90,000 24,000 40,500 110,000 152,000 40,500 -d (Part n) (Part 2 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement showing expenses by function. Assume that 100,000 common shares were outstanding during the year. Include calculation of EPS. Swifty Limited ASPE but decides to disclose EPS on its income statement. (Round per share answer to 2 decimal places, e.g. 52.74.) tudy Swifty Limited Income Statement For the Ye Ended December 31, 2020 Revenue Sales Revenue 1,400,000 Less Sales Returns and Allowances 146,000 Sales Discounts 46,000 192000 s Prepare a multiple-step income statement showing expenses by Tunction. Assume that 100,000 common shares were outstanding during the year. Include calculation ASPE but decides to disclose EPS on its income statement. (Round per share answer to 2 decimal places, e.g. 52.74.) Swifty Limited Income Statement For the Year Ended December 31, 2020 Revenue Sales Revenue 1,400,000 Less Sales Returns and Allowances 146,000 Sales Discounts 46,000 1 192000 Net Sales Revenue 1208000 Cost of Goods Sold 628,000 Gross Profit/ (Loss) 580000 Operating Expenses Selling Expenses 193,000 Administrative Expenses 90,000 Depreciation Expense 40,500 323500 X 256500 X X interest Revenue 580000 Operating Expenses 193,000 Selling Expenses 90,000 Administrative Expenses IT RESOURCES nestion Ch 1 endix C cise 2-01 cise 2-02 cise 2-OZ -OZ Else C-03 -05 -08 (Part mission) 02 a-bidi- 40,500 Depreciation Expense 323500 x 256500 12 (Part ission) 580000 8 a-d (Part ssion) Interest Revenue X 1 5a-b (Part Esion) Income before Income Tax . Interest Expense by Study Loss from Storm Damage x Income before Income Tax X Income Tax Expense X Net Income / (Loss) V Earnings Per ShareStep by Step Solution
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