The following balances were taken from the books of Parnevik Corp. on December 31, 2012.
Interest revenue $88,800 Accumulated depreciation building 28,000
Cash 51,000 Notes receivable 155,000
Sales 1,332,400 Selling expenses 202,500
Accounts receivable 150,000 Accounts payable 170,000
Prepaid insurance 20,000 Bonds payable 100,000
Sales returns and allowances 153,800 Administrative and general expenses 97,300
Allowance for doubtful accounts 7,000 Accrued liabilities 32,000
Sales discounts 48,600 Interest expense 73,300
Land 100,000 Notes payable 100,000
Equipment 200,000 Loss from earthquake damage
Building 140,000 (extraordinary item) 138,000
Cost of goods sold 625,700 Common stock 500,000
Accumulated depreciation equipment 40,000 Retained earnings 21,000
Assume the total effective tax rate on all items is 34%.
Prepare a multiple step income statement; 100,000 shares of common stock were outstanding during the year.
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