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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