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8657948

The document provides a single-step and multiple-step income statement for Taperline Corporation for the year ended December 31, 2012. Total revenues were $676,600 with net income of $76,620. Earnings per share were $3.15 for earnings before extraordinary items and $2.55 for net income.

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Pulkit Mahajan
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128 views

8657948

The document provides a single-step and multiple-step income statement for Taperline Corporation for the year ended December 31, 2012. Total revenues were $676,600 with net income of $76,620. Earnings per share were $3.15 for earnings before extraordinary items and $2.55 for net income.

Uploaded by

Pulkit Mahajan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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a) Prepare a Single -Step Income Statement for the year ended December 31,2012

Include Earnings per Share for earnings before extraordinary items and net income.

Taperline Corporation
Income Statement
For the Year Ended December 31, 20102

Particulars Details $

Revenues:
Sales 670,000
Rental income 3,600
Gain on the sale of fixed assets 3,000
Total revenues
Expenses:
Cost of sales 300,000
Selling expenses 97,000
General and administrative expenses 110,000
Depreciation expense 10,000
Interest expense 1,900
Income before extraordinary items and taxes on income
Income tax
Earnings before extraordinary item
Casualty loss 30,000
Less: Tax saving (12,000)
Net income

Earnings per share on common stock:


(30,000 shares outstanding)
Income before extraordinary items
Net income

a) Prepare aMultiple -Step Income Statement for the year ended December 31,2012
Include Earnings per Share for earnings before extraordinary items and net income.

Taperline Corporation
Income Statement
For the Year Ended December 31, 20102

Particulars Details $
Sales 670,000
Cost of sales (300,000)
Gross profit
Operating expenses
Selling expenses 97000
General and administrative expenses 110,000
Depreciation expense 10,000
Operating income
Other revenue:
Rental income 3,600
Gain on the sale of fixed assets 3,000
Total other revenue
Other expenses:
Interest expense
Income before extraordinary items and taxes on income
Income tax
Income before extraordinary item
Casualty loss 30,000
Less: Tax saving (12,000)
Net income

Earnings per share on common stock:


(30,000 shares outstanding)
Income before extraordinary items
Net income
Amount $

$676,600

(518,900)
157,700
(63,080)
94,620

(18,000)
76,620

3.15
2.55

Amount $
370,000

-217,000
153,000

6,600

(1,900)
157,700
(63,080)
94,620

(18,000)
76,620

3.15
2.55

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