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Preparing a Multiple-Step Income Statement The following items are from the adjusted trial balance of Bailey Corp. on December 31, 2020, the end of its

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Preparing a Multiple-Step Income Statement The following items are from the adjusted trial balance of Bailey Corp. on December 31, 2020, the end of its annual accounting period Assume an average 25 income tax on all items. Weighted average shares of common stock outstanding for 2020 were 10.000 Servere 3645,200 Selling experies 3136,000 Depreciation for the period 0.000 General and administrative expenses 110.000 Rontevere 2400 intervence 900 Gain on sale of Westment 3,000 rest expense 1.500 Cost of goods sold 330.000 Loose of investment 22,000 Required Prepare a multiple step income statement for the 12 months ended December 31, 2020, including the earnings per share discosure. Assume that rent revenue is a nonoperating revenue Enter revenues and gains and expenses and losses in the order of the largest dollar amount to the smallest dollar amount Do not use negative signs with any of your answers Enter the answer for earnings per share in dollars and cents, rounded to the nearest penny Bailey Corp Income Statement For the Year Ended December 31, 2020 Sales revenue 1 345,200 Cost of goods sold . 330.000 Gross profit . 315.200 Operating expenses Selling expenses $ 136,000 General and administrative expenses 110.000 Deprecation expense 8.000 254.000 Operating income 61,200 Other revenues and Saint Rent revenue = 2400 Gain on sale of investment . 2.000 interest revenue 900 5,300 Other expenses and losses Loss on sale of investment 22.000 Interest expense 1,500 23.500) 0 O . 5 43.000 Net income Lamines pershane 5 man Preparing a Multiple-Step Income Statement The following items are from the adjusted trial balance item- Maisha ununen haren of fanmmon stock outst expenses al and adminis st revenue st expense n sale of invest Rec for the 12 m Pre -evi Cost of goods sold Depreciation expense Expenses and losses Gain on sale of investment General and administrative expenses Gross profit Income before income taxes Income tax expense Interest expense Interest revenue Loss on sale of investment Net income Operating income Other expenses and losses Other revenues and gains Rent revenue Revenues and gains Sales revenue Selling expenses - E and losses in ir answers. n dollars and - It er 31, 2020 Preparing a Multiple-Step Income Statement The following items are from the adjusted trial balance of Bailey Corp. on December 31, 2020, the end of its annual accounting period Assume an average 25 income tax on all items. Weighted average shares of common stock outstanding for 2020 were 10.000 Servere 3645,200 Selling experies 3136,000 Depreciation for the period 0.000 General and administrative expenses 110.000 Rontevere 2400 intervence 900 Gain on sale of Westment 3,000 rest expense 1.500 Cost of goods sold 330.000 Loose of investment 22,000 Required Prepare a multiple step income statement for the 12 months ended December 31, 2020, including the earnings per share discosure. Assume that rent revenue is a nonoperating revenue Enter revenues and gains and expenses and losses in the order of the largest dollar amount to the smallest dollar amount Do not use negative signs with any of your answers Enter the answer for earnings per share in dollars and cents, rounded to the nearest penny Bailey Corp Income Statement For the Year Ended December 31, 2020 Sales revenue 1 345,200 Cost of goods sold . 330.000 Gross profit . 315.200 Operating expenses Selling expenses $ 136,000 General and administrative expenses 110.000 Deprecation expense 8.000 254.000 Operating income 61,200 Other revenues and Saint Rent revenue = 2400 Gain on sale of investment . 2.000 interest revenue 900 5,300 Other expenses and losses Loss on sale of investment 22.000 Interest expense 1,500 23.500) 0 O . 5 43.000 Net income Lamines pershane 5 man Preparing a Multiple-Step Income Statement The following items are from the adjusted trial balance item- Maisha ununen haren of fanmmon stock outst expenses al and adminis st revenue st expense n sale of invest Rec for the 12 m Pre -evi Cost of goods sold Depreciation expense Expenses and losses Gain on sale of investment General and administrative expenses Gross profit Income before income taxes Income tax expense Interest expense Interest revenue Loss on sale of investment Net income Operating income Other expenses and losses Other revenues and gains Rent revenue Revenues and gains Sales revenue Selling expenses - E and losses in ir answers. n dollars and - It er 31, 2020

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