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12. The following income statement was prepared by the marketing manager using the company's cash records and inventory records: Sales Other revenues $650,000 $ 26.000 $676,000 Total Revenues: Cost of Goods Sold: $234.000 Gross Profit: $442,000 Selling Expenses: Administrative Expenses Other Expenses $102,000 $144,000 $ 86,152 Net Earnings: $109,848

12. The following income statement was prepared by the marketing manager using the company's cash records and inventory records: Sales Other revenues $650,000 $ 26.000 $676,000 Total Revenues: Cost of Goods Sold: $234.000 Gross Profit: $442,000 Selling Expenses: Administrative Expenses Other Expenses $102,000 $144,000 $ 86,152 Net Earnings: $109,848

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...
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 Income Statement: Hard #12

 


Prepare a corrected multi-step income
statement for the Company

 

After examining transactions, you discovered the following: Included in other expenses 1) Tax expense was at 36% of income before taxes 2) The company incurred a loss of $2,800 from selling equipment 3) Rent expense of $12,000 Included in other revenues: 1) Interest income of $13,000 2) Rent income $6,000 Included in selling expenses: 1) Loss from selling a major part of the business $17,000 2) Depreciation expense on manufacturing equipment $22,000 Prepare a corrected multi-step income statement for the Company
Transcribed Image Text:After examining transactions, you discovered the following: Included in other expenses 1) Tax expense was at 36% of income before taxes 2) The company incurred a loss of $2,800 from selling equipment 3) Rent expense of $12,000 Included in other revenues: 1) Interest income of $13,000 2) Rent income $6,000 Included in selling expenses: 1) Loss from selling a major part of the business $17,000 2) Depreciation expense on manufacturing equipment $22,000 Prepare a corrected multi-step income statement for the Company
12. The following income statement was prepared by the marketing manager using the company's cash records and inventory records: $650,000 $ 26.000 $676,000 Sales Other revenues Total Revenues: Cost of Goods Sold: $234.000 Gross Profit: $442,000 Selling Expenses: Administrative Expenses Other Expenses $102,000 $144,000 $ 86,152 Net Earnings: $109,848
Transcribed Image Text:12. The following income statement was prepared by the marketing manager using the company's cash records and inventory records: $650,000 $ 26.000 $676,000 Sales Other revenues Total Revenues: Cost of Goods Sold: $234.000 Gross Profit: $442,000 Selling Expenses: Administrative Expenses Other Expenses $102,000 $144,000 $ 86,152 Net Earnings: $109,848
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