The following incorrect income statement was prepared by the accountant of the Axel Corporation:

Required:
Prepare a multiple-step income statement for 2021 applying generally accepted accounting principles. The income tax rate is 25%. (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2 decimal places.)

The following information was taken from the records of Skysong Inc. for the year 2017: Income tax applicable to income from continuing operations $213,724; income tax applicable to loss on discontinued operations $28,186, and unrealized holding gain on available-for-sale securities (net of tax) $23,100. Gain on sale of equipment $97,400 Cash dividends declared $153,000 Loss on discontinued operations 82,900 Retained earnings January 1, 2017 542,500 Administrative expenses 246,100 Cost of goods sold 894,100 Rent revenue 42,300 Selling expenses 322,400 Loss on write-down of inventory 61,700 Sales Revenue 2,013,200 Shares outstanding during 2017 were 90,400.

(1) Prepare a multiple-step income statement.

(2) Prepare a retained earnings statement for 2017.

Current Attempt in Progress

Presented below is the adjusted trial balance of Splish Corporation at December 31, 2020.

Additional information:

Prepare a classified balance sheet as of December 31, 2020. (List Current Assets in order of liquidity.)

Know that :

• Conducting an audit for the financial year ending December 31,2019.
• Client has go public and property development company.
• Client builds property like apertment unit, housing, real estate, and property invesment products.
• Has project development cooperation with its customer.
• Client is bound by a contract signed by both parties before notary for the construction of a project with this customer.
• Project been completed 60% and the client acknowledged 60% of the development as revenue in the 2019 financial year

Question :

1. In your opinion, as an auditor, what account should the client classify the apartment and housing / real estate complex be? Explain your answer!
2. What is the audit procedure that you will apply to ensure the recognition of revenue that is 60% of the project?
3. What audit evidence will you examine and what are the related assertions? Explain your answer!

Accounts and balances from the adjusted trial balance of Stark Company. Notes payable $ 11,000 Accumulated depreciation-Buildings $ 15,000 Prepaid insurance 2,500 Accounts receivable 4,000 Interest expense 500 Utilities expense 1,300 Accounts payable 1,500 Interest payable 100 Wages payable 400 Unearned revenue 800 Cash 10,000 Supplies expense 200 Wages expense 7,500 Buildings 40,000 Insurance expense 1,800 Stark, Withdrawals 3,000 Stark, Capital 24,800 Depreciation expense-Buildings 2,000 Services revenue 20,000 Supplies 800

Please.
Prepare the (1) income statement and (2) statement of owner's equity for the year ended December 31, and (3) balance sheet at December 31. The Stark, Capital account balance was $24,800 on December 31 of the prior year.
Thanks.

The ledger of Tamarisk, Inc. on March 31, 2017, includes the following selected accounts before adjusting entries.

An analysis of the accounts shows the following.

Prepare the adjusting entries for the month of March. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

ONLY ONE ANSWER FOR EACH.

Presented below is information related to Whispering Corp. for the year 2020.

Prepare a multiple-step income statement for 2020. Assume that 60,800 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.) .

Prepare a separate retained earnings statement for 2020. (List items that increase adjusted retained earnings first.)

what is the NPV of the Project if Dominant Retailer’s WACC is 16.75%? Your company, Dominant Retailer, Inc., is considering a project whose data are shown below. Revenue and cash operating expenses are expected to be constant over the project's 5 year expected operating life; annual sales revenue is $99,000.00 and cash operating expenses are $49,750.00. The new equipment's cost and depreciable basis is $155,000.00 and it will be depreciated by MACRS as 5 year property. The new equipment replaces older equipment that is fully depreciated but can be sold for $7,000. In addition, the new equipment requires an additional $5,000 of net operating working capital, which can be fully recovered at the end of the project. The new equipment is expected to be sold for $10,750 at the end of the project in year 5. The marginal tax rate is 20.00%.