Question
please solve it as soon as possible... please... Given below are selected account balances from the Trial Balance of Bruno Incorporation at December 31, 2020.
please solve it as soon as possible... please...
Given below are selected account balances from the Trial Balance of Bruno Incorporation at December 31, 2020. The company which was incorporated in 2012 prepares its financial statements after every one year (Jan-Dec). Accounts Balances ($) Sales 565500 Sales Returns and Allowances 7600 Salaries Expense 29700 Cost of Goods Sold 316200 Utilities Expense 10600 Interest Expense 3600 Advertising Expense 11600 Interest Revenue 6700 Other Operating Expenses 1500 Inventory 35400 Supplies 1000 Prepaid Insurance 7008 Equipment 61800 Accumulated Depreciation-Equipment 7300 Accounts Payable 9300 Mortgage Loan 30700 Common Stock ($20 Par Value) 37500 Retained Earnings 65400 Additional Data: 1. The company depreciates the equipment at the rate of 20% under the declining balance method. The equipment is expected to have a salvage value of $5,000. 2. 20% cash dividend was declared on Common Stock. 3. Interest accrued but not paid $2100. 4. The company is under 40% tax bracket. 5. Prepaid insurance was paid on July 1, 2020 for the next 2 years. Required: Prepare a Multistep income statement for the year ending December 31, 2020.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started