ABC Corporation's accounting records include the following items, listed in no particular order, at December 31, 2024: Other Income and (Expenses) $7,200 Cost of Goods Sold $30,000 Net Sales $81,000 Operating Expenses $25,000 Gain on Discontinued Operations $3,600 The income tax rate for ABC Corporation is 21%. Prepare ABC's income statement for the year ended December 31, 2024. Omit earnings per share. Prepare the income statement through the income before taxes, then complete the income statement through the net income. ABC Corporation Income Statement Year Ended December 31, 2024 Costs of Goods Sold $___________ Discontinued Operations (less applicable tax) $___________ Income Tax Expense $___________ Operating Expenses $___________ Other Income and (Expenses) $___________ Net Sales $___________ Income Before Income Taxes $___________
ABC Corporation's accounting records include the following items, listed in no particular order, at December 31, 2024: Other Income and (Expenses) $7,200 Cost of Goods Sold $30,000 Net Sales $81,000 Operating Expenses $25,000 Gain on Discontinued Operations $3,600 The income tax rate for ABC Corporation is 21%. Prepare ABC's income statement for the year ended December 31, 2024. Omit earnings per share. Prepare the income statement through the income before taxes, then complete the income statement through the net income. ABC Corporation Income Statement Year Ended December 31, 2024 Costs of Goods Sold $___________ Discontinued Operations (less applicable tax) $___________ Income Tax Expense $___________ Operating Expenses $___________ Other Income and (Expenses) $___________ Net Sales $___________ Income Before Income Taxes $___________
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 22BEA: The income statement, statement of retained earnings, and balance sheet for Somerville Company are...
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ABC Corporation's accounting records include the following items, listed in no particular order, at December 31, 2024:
Other Income and (Expenses) | $7,200 | Cost of Goods Sold | $30,000 |
Net Sales | $81,000 | Operating Expenses | $25,000 |
Gain on Discontinued Operations | $3,600 |
The income tax rate for ABC Corporation is 21%.
Prepare ABC's income statement for the year ended December 31, 2024. Omit earnings per share.
Prepare the income statement through the income before taxes, then complete the income statement through the net income.
ABC Corporation
Income Statement
Year Ended December 31, 2024
Costs of Goods Sold | $___________ |
Discontinued Operations (less applicable tax) | $___________ |
Income Tax Expense | $___________ |
Operating Expenses | $___________ |
Other Income and (Expenses) | $___________ |
Net Sales | $___________ |
Income Before Income Taxes | $___________ |
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