(Solution) - The following balances were taken from the books of Schimank -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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The following balances were taken from the books of Schimank Corp. on December 31, 2014.

Assume the total effective tax rate on all items is 34%.

Instructions
Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during theyear.