Multiple-step income statement.Shown below is an income statement for 2014 that was prepared by a poorly trained bookkeeper of Howell Corporation.
InstructionsPrepare a multiple-step income statement for 2014 for Howell Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology). Howell Corporation has 50,000 shares of common stock outstanding and has a 30% federal income tax rate on all tax related items. Round all earnings per share figures to the nearest cent.

Question

Multiple-step income statement.Shown below is an income statement for 2014 that was prepared by a poorly trained bookkeeper of Howell Corporation.  
InstructionsPrepare a multiple-step income statement for 2014 for Howell Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology). Howell Corporation has 50,000 shares of common stock outstanding and has a 30% federal income tax rate on all tax related items. Round all earnings per share figures to the nearest cent.

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The Answer of Multiple-step income statement.Shown below is an income statement for 2014 that was prepared by a poorly trained bookkeeper of Howell Corporation.  
InstructionsPrepare a multiple-step income statement for 2014 for Howell Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology). Howell Corporation has 50,000 shares of common stock outstanding and has a 30% federal income tax rate on all tax related items. Round all earnings per share figures to the nearest cent.

Multiple-Step Income Statement