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Prepare IN GOOD FORM for Abrams Corp. for the fiscal year ended March 31, 2022 using the information in the table below: 1. a multiple-step
Prepare IN GOOD FORM for Abrams Corp. for the fiscal year ended March 31, 2022 using the information in the table below: 1. a multiple-step income statement 2. a statement of comprehensive income 3. statement of retained earnings Create tables on Word or a spreadsheet on Excel (it is far easier to fix any mistakes you discover) for your statements All amounts below are before taxes. The appropriate tax rate is 21%. Sales revenue General and administrative expenses Research & development expense Interest revenue Loss on sale of investment Operating loss of Honduran division sold on February 1, 2022 Preferred dividends declared Retained earnings, 4/1/21 Discovered on April 15, 2022, that depreciation was not recorded in fiscal year 2020 $1,000,000 Interest expense $ 5,000 60,000 Gain on sale of equipment 5,000 645,000 90,000 30,000 $20,000 5,000 25,000 Cost of goods sold 3,000 Selling expenses 1,000 Total Dividends Declared 25,000 Loss due to Hurricane Ida 20,000 Gain on sale of Honduran division sold February 1, 2022 250,000 Foreign currency translation, loss 7,500 Weighted Average Common Shaves Outstanding 6,500 50,000 shares
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