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Using the information from the trial balance below and illustrations 4.2 as your guide, complete the Manitowoc Corporation Income statement for the year ended 12/31/2020
Using the information from the trial balance below and illustrations 4.2 as your guide, complete the Manitowoc Corporation Income statement for the year ended 12/31/2020 in good form using the Multiple Step Method including the Earnings per Share. You do not have to fill in every line -- extra ones are given if you need them. |
Manitowoc Corp | ||
Adjusted Trial Balance | ||
31/12/2020 | ||
Account Title | DR | CR |
Purchase Discounts | ||
Freight In | ||
Cash | 189,700 | |
Accounts Receivable | 120,000 | |
Long-term Notes Receivable | 110,000 | |
Inventory | 64,000 | |
Office Supplies | 14,000 | |
Land | 70,000 | |
Equipment | 140,000 | |
Buildings | 98,000 | |
Allowance for Doubtful Accounts | 5,000 | |
Accumulated Depreciation | 47,600 | |
Accounts Payable | 49,000 | |
Salaries and Wages Payable | 18,000 | |
Long Term Notes Payable | 70,000 | |
Bonds Payable | 100,000 | |
Common Stock as of 1/1/2020 | 300,000 | |
Retained Earnings | 164,800 | |
Cash dividends | 45,000 | |
Sales Revenue | 995,000 | |
Interest Revenue | 18,000 | |
Sales Discounts | 14,500 | |
Sales Returns and Allowances | 17,500 | |
Gain on sale of Land | 30,000 | |
Selling Expense | 118,200 | |
Administration Expense | 199,000 | |
Tax Expense | 53,900 | |
Interest Expense | 13,600 | |
Cost of Goods Sold | 530,000 | |
1,797,400 | 1,797,400 | |
- | ||
Other Information | ||
Shares Issued | 100,000 | |
Shares Outstanding | 89,500 |
B. | Determine Ending R/E by completing a Statement of Retained Earnings for the year ended 12/31/2020 | ||
Using the information above, complete a balance sheet for Manitowoc Corporation in Good Form for 12/31/20. |
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