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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%

Accounting

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

 

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