1) ZZZ Company sells beds and linens. There are 10,000 shares of capital stock outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, 2010:
Debit Credit
Cash $ 42,000
Accounts receivable 18,000
Inventory 65,000
Operational assets 50,000
Accumulated depreciation $ 21,000
Liabilities 30,000
Common stock 90,000
Retained earnings, January 1, 2009 11,600
Sales revenue 182,000
Sales returns and allowances 7,000
Cost of goods sold 98,000
Selling expense 17,000
Administrative expense 18,000
Interest expense 2,000
Extraordinary loss 8,000
Income tax expense (30% tax rate) 9,600
Totals $334,600 $334,600
Required: Prepare a multiple-step income statement. Hint: the extraordinary item needs to be shown below the income from operations and shown net of taxes. You will have to search outside of your textbook to find an example.
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