Question
the following balances were taken from the books of Vaughn Corp. on December 31, 2025. Interest Revenue 122100, accumulated depreciation-equipment 57700, cash 73100, accumulated depreciation-building
the following balances were taken from the books of Vaughn Corp. on December 31, 2025. Interest Revenue 122100, accumulated depreciation-equipment 57700, cash 73100, accumulated depreciation-building 40900, sales 1933700, notes receivable 218700, accounts receivable 211700, selling expenses 273300, prepaid insurance 29700, accounts payable 239700, sales returns and allowances 211700, bonds payable 141700, allowance for doubtful accounts 11500, administrative and general purposes 137500, sales discounts 64700, Accrued liabilites 46500, land 141700, Interest expense 85700, equipment 281700, notes payable 141700, building 197700, loss from earthquake damage 211700, cost of goods sold 871100, common stock 701700, and retained earnings 31100. Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100000 shares of common stock were outstanding during the year.
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