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Otrada [13]
3 years ago
12

The following selected accounts from the Bramble Corp.’s general ledger are presented below for the year ended December 31, 2022

:
Advertising expense $54,000 Interest revenue $32,000
Common stock 249,000 Inventory 66,000
Cost of goods sold 1,084,000 Rent revenue 24,000
Depreciation expense 124,000 Retained earnings 534,000
Dividends 149,000 Salaries and wages expense 674,000
Freight-out 24,000 Sales discounts 8,600
Income tax expense 69,000 Sales returns and allowances 43,000
Insurance expense 15,000 Sales revenue 2,399,000
Interest expense 69,000

Required:
Prepare a multiple-step income statement BRAMBLE CORP.
Business
1 answer:
Verdich [7]3 years ago
5 0

Answer:

Bramble Corp.

Multiple-step Income Statement

                                                                                                     $

Sales revenue                                                                       2,399,000

Sales returns and allowances                                                  (43,000)

Net Sales Revenue                                                               2,356,000

Less Cost of goods sold                                                      (1,084,000)

Gross Profit                                                                             1,272,000

<u>Less Operating Expenses :</u>

Selling and Distribution Expenses

Advertising expense                                         54,000

Freight-out                                                         24,000

Sales discounts                                                    8,600          (86,600)

Administrative Expenses

Depreciation expense                                     124,000

Salaries and wages expense                         674,000

Insurance expense                                            15,000         (813,000)

Net Operating Income                                                            372,400

<u>Less Non- Operating Expenses :</u>

Interest revenue                                               (32,000)

Rent revenue                                                    (24,000)

Income tax expense                                          69,000

Interest expense                                                69,000       (82,000)

Net Income/(Loss)                                                                  290,400

Explanation:

The multiple-step income statement has been prepared above.

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Bryce Co. sales are $801,000, variable costs are $465,100, and operating income is $287,000. What is the contribution margin rat
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Cullumber, Inc. acquired 30% of Marigold Corporation's voting stock on January 1, 2021 for $890000. During 2021, Marigold earned
Strike441 [17]

Answer:

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Explanation:

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The total investment should be valued in such a way that the share of profits should be added to the investment while the dividends received would be deducted.

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Share of profit($367,000*30%)                                  $110,100

less dividends(since it already received in cash

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Dividends(30%$128,000)                                          ($38,400 )

Value of investment as at 1 july  2022                     $963,350  

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Cost of half of investment=$963,350*1/2=$ 481,675.00  

Gain= proceeds-cost=$627,000- 481,675 =$145,325

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