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Homework answers / question archive / The following balances were taken from the books of Blue Spruce Limited on December 31, 2020: Interest income$70,000 Accumulated depreciation—equipment $48,000 Cash 52,000 Accumulated depreciation—buildings 25,000 Sales revenue 1,400,000 Notes receivable 156,000 Accounts receivable 150,000 Selling expenses 196,000 Prepaid insurance 24,000 Accounts payable 160,000 Sales returns and allowances 146,000 Bonds payable 111,000 Allowance for doubtful accounts 6,000 Administrative expenses 98,000 Sales discounts44,000 Unearned revenue21,000 Land 110,000 Interest expense 58,000 Equipment 220,000 Notes payable 110,000 Building 140,000 Loss from storm damage 152,000 Cost of goods sold 621,000 Depreciation expense 58,000 Assume the total effective tax rate on all items is 20%
The following balances were taken from the books of Blue Spruce Limited on December 31, 2020:
Interest income$70,000
Accumulated depreciation—equipment
$48,000
Cash
52,000
Accumulated depreciation—buildings
25,000
Sales revenue
1,400,000
Notes receivable
156,000
Accounts receivable
150,000
Selling expenses
196,000
Prepaid insurance
24,000
Accounts payable
160,000
Sales returns and allowances
146,000
Bonds payable
111,000
Allowance for doubtful accounts
6,000
Administrative expenses
98,000
Sales discounts44,000
Unearned revenue21,000
Land
110,000
Interest expense
58,000
Equipment
220,000
Notes payable
110,000
Building
140,000
Loss from storm damage
152,000
Cost of goods sold
621,000
Depreciation expense
58,000
Assume the total effective tax rate on all items is 20%.
Prepare multiple-step income statement showing expenses by function. Assume that 100,000 common shares were outstanding during the year. Include calculation of EPS. Blue Spruce Limited follows ASPE but decides to disclose EPS on its income statement.(Round per share answer to 2 decimal places, e.g. 52.74.)
Blue Spruce Limited
Income Statement
choose the accounting period
December 31, 2020
For the Year Ended December 31, 2020
For the Month Ended December 31, 2020
select an opening name for section one
Income before Income Tax
Operating Expenses
Income from Operations
Gross Profit / (Loss)
Revenue
Net Sales Revenue
Earnings Per Share
Net Income / (Loss)
Other Revenues and Gains
Other Expenses and Losses
select an income statement item
Sales Revenue
Cost of Goods Sold
Sales Discounts
Administrative Expenses
Depreciation Expense
Income Tax Expense
Selling Expenses
Loss from Storm Damage
Interest Expense
Sales Returns and Allowances
Interest Revenue
$
enter a dollar amount
select between addition and deduction
Add
Less
:select an income statement item
Interest Expense
Sales Returns and Allowances
Selling Expenses
Cost of Goods Sold
Sales Revenue
Depreciation Expense
Sales Discounts
Loss from Storm Damage
Interest Revenue
Administrative Expenses
Income Tax Expense
$
enter a dollar amount
select an income statement item
Interest Revenue
Interest Expense
Cost of Goods Sold
Sales Revenue
Selling Expenses
Income Tax Expense
Administrative Expenses
Sales Returns and Allowances
Depreciation Expense
Loss from Storm Damage
Sales Discounts
enter a dollar amount
enter a subtotal of the two previous amounts
select a closing name for section one
Earnings Per Share
Net Sales Revenue
Income from Operations
Operating Expenses
Income before Income Tax
Revenue
Other Revenues and Gains
Gross Profit / (Loss)
Other Expenses and Losses
Net Income / (Loss)
enter a total amount for section one
select an income statement item
Depreciation Expense
Sales Returns and Allowances
Administrative Expenses
Sales Revenue
Selling Expenses
Income Tax Expense
Interest Expense
Loss from Storm Damage
Cost of Goods Sold
Sales Discounts
Interest Revenue
enter a dollar amount
select a summarizing line for the first part
Income before Income Tax
Other Revenues and Gains
Gross Profit / (Loss)
Net Income / (Loss)
Net Sales Revenue
Income from Operations
Other Expenses and Losses
Revenue
Earnings Per Share
Operating Expenses
enter a total amount for the first part
select an opening name for section two
Net Income / (Loss)
Earnings Per Share
Other Revenues and Gains
Operating Expenses
Other Expenses and Losses
Income from Operations
Income before Income Tax
Revenue
Net Sales Revenue
Gross Profit / (Loss)
select an income statement item
Administrative Expenses
Interest Expense
Income Tax Expense
Interest Revenue
Sales Revenue
Selling Expenses
Depreciation Expense
Sales Discounts
Cost of Goods Sold
Sales Returns and Allowances
Loss from Storm Damage
enter a dollar amount
select an income statement item
Interest Revenue
Income Tax Expense
Sales Returns and Allowances
Administrative Expenses
Loss from Storm Damage
Sales Discounts
Cost of Goods Sold
Depreciation Expense
Selling Expenses
Interest Expense
Sales Revenue
enter a dollar amount
select an income statement item
Cost of Goods Sold
Interest Revenue
Loss from Storm Damage
Administrative Expenses
Sales Returns and Allowances
Income Tax Expense
Sales Discounts
Interest Expense
Selling Expenses
Sales Revenue
Depreciation Expense
enter a dollar amount
enter a subtotal of the three previous amounts
select a summarizing line for the second part
Operating Expenses
Income before Income Tax
Other Expenses and Losses
Net Income / (Loss)
Other Revenues and Gains
Earnings Per Share
Gross Profit / (Loss)
Income from Operations
Net Sales Revenue
Revenue
enter a total amount for the second part
select an opening name for section three
Other Revenues and Gains
Net Sales Revenue
Gross Profit / (Loss)
Revenue
Income before Income Tax
Other Expenses and Losses
Net Income / (Loss)
Operating Expenses
Earnings Per Share
Income from Operations
select an income statement item
Income Tax Expense
Depreciation Expense
Cost of Goods Sold
Sales Revenue
Sales Returns and Allowances
Administrative Expenses
Loss from Storm Damage
Interest Expense
Selling Expenses
Interest Revenue
Sales Discounts
enter a dollar amount
enter a subtotal of the two previous amounts
select an opening name for section four
Other Revenues and Gains
Net Income / (Loss)
Other Expenses and Losses
Revenue
Income before Income Tax
Net Sales Revenue
Operating Expenses
Earnings Per Share
Income from Operations
Gross Profit / (Loss)
select an income statement item
Selling Expenses
Administrative Expenses
Sales Returns and Allowances
Depreciation Expense
Loss from Storm Damage
Cost of Goods Sold
Interest Revenue
Sales Discounts
Interest Expense
Sales Revenue
Income Tax Expense
enter a dollar amount
select an income statement item
Sales Returns and Allowances
Selling Expenses
Cost of Goods Sold
Interest Expense
Income Tax Expense
Interest Revenue
Depreciation Expense
Loss from Storm Damage
Sales Revenue
Sales Discounts
Administrative Expenses
enter a dollar amount
enter a subtotal of the two previous amounts
select a summarizing line for the third part
Earnings Per Share
Revenue
Net Income / (Loss)
Net Sales Revenue
Other Revenues and Gains
Other Expenses and Losses
Income before Income Tax
Operating Expenses
Income from Operations
Gross Profit / (Loss)
enter a total amount for all three parts
select an income statement item
Loss from Storm Damage
Depreciation Expense
Interest Expense
Sales Returns and Allowances
Sales Discounts
Cost of Goods Sold
Sales Revenue
Selling Expenses
Administrative Expenses
Income Tax Expense
Interest Revenue
enter a dollar amount
select a closing name for this statement
Net Sales Revenue
Gross Profit / (Loss)
Earnings Per Share
Revenue
Income from Operations
Other Revenues and Gains
Income before Income Tax
Other Expenses and Losses
Operating Expenses
Net Income / (Loss)
$
enter a total net income or loss amount
select an income statement item
Other Expenses and Losses
Income from Operations
Gross Profit / (Loss)
Revenue
Income before Income Tax
Operating Expenses
Earnings Per Share
Net Sales Revenue
Net Income / (Loss)
Other Revenues and Gains
$
enter a dollar amount
