! Required information Use the following information for the Exercies below. (Algo) [The following information applies to the questions displayed below.] 1. 2. 3. 4. 5. 6. 7. 8. In the current year, Randa Merchandising Incorporated sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows. Item 1. Net sales 2. Gain on state's condemnation of company property 3. Cost of goods sold 4. Income tax expense 5. Depreciation expense 6. Gain on sale of wholesale business segment, net of tax 7. Loss from operating wholesale business segment, net of tax 8. Loss of assets from meteor strike Debit Section $ 1,684,000 247,000 264,000 505,000 728,000 Credit $ 3,300,000 262,000 Exercise 17-17A (Algo) Income statement categories LO A2 Indicate where each of the following income-related items for this company appears on its current year income statement by selecting the appropriate section in the drop down beside each item. 882,000 Item Net sales Gain on state's condemnation of company property Cost of goods sold Income tax expense Depreciation expense Gain on sale of wholesale business segment, net of tax Loss from operating wholesale business segment, net of tax Loss of assets from meteor strike Debit $1,684,000 247,000 264,000 505,000 728,000 Credit $ 3,300,000 262,000 882,000
! Required information Use the following information for the Exercies below. (Algo) [The following information applies to the questions displayed below.] 1. 2. 3. 4. 5. 6. 7. 8. In the current year, Randa Merchandising Incorporated sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows. Item 1. Net sales 2. Gain on state's condemnation of company property 3. Cost of goods sold 4. Income tax expense 5. Depreciation expense 6. Gain on sale of wholesale business segment, net of tax 7. Loss from operating wholesale business segment, net of tax 8. Loss of assets from meteor strike Debit Section $ 1,684,000 247,000 264,000 505,000 728,000 Credit $ 3,300,000 262,000 Exercise 17-17A (Algo) Income statement categories LO A2 Indicate where each of the following income-related items for this company appears on its current year income statement by selecting the appropriate section in the drop down beside each item. 882,000 Item Net sales Gain on state's condemnation of company property Cost of goods sold Income tax expense Depreciation expense Gain on sale of wholesale business segment, net of tax Loss from operating wholesale business segment, net of tax Loss of assets from meteor strike Debit $1,684,000 247,000 264,000 505,000 728,000 Credit $ 3,300,000 262,000 882,000
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...
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![!
Required information
Use the following information for the Exercies below. (Algo)
[The following information applies to the questions displayed below.]
In the current year, Randa Merchandising Incorporated sold its interest in a chain of wholesale outlets, taking the company
completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of
an income statement follows.
1.
2.
3.
4.
5.
6.
7.
8.
Item
1. Net sales
2. Gain on state's condemnation of company property
3. Cost of goods sold
4. Income tax expense
5. Depreciation expense
6. Gain on sale of wholesale business segment, net of tax
7. Loss from operating wholesale business segment, net of tax
8. Loss of assets from meteor strike
Exercise 17-17A (Algo) Income statement categories LO A2
Debit
Section
$ 1,684,000
247,000
264,000
505,000
728,000
Credit
$ 3,300,000
262,000
Indicate where each of the following income-related items for this company appears on its current year income statement by selecting
the appropriate section in the drop down beside each item.
882,000
Item
Net sales
Gain on state's condemnation of company property
Cost of goods sold
Income tax expense
Depreciation expense
Gain on sale of wholesale business segment, net of tax
Loss from operating wholesale business segment, net of tax
Loss of assets from meteor strike
$
Debit
1,684,000
247,000
264,000
505,000
728,000
Credit
$ 3,300,000
262,000
882,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff2bfa172-bfc6-4a2e-9589-90b7bd2d30c6%2Fabfd8d98-419b-4ca3-afdc-bcfbd70e0db9%2Fn8kvx5l_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
Use the following information for the Exercies below. (Algo)
[The following information applies to the questions displayed below.]
In the current year, Randa Merchandising Incorporated sold its interest in a chain of wholesale outlets, taking the company
completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of
an income statement follows.
1.
2.
3.
4.
5.
6.
7.
8.
Item
1. Net sales
2. Gain on state's condemnation of company property
3. Cost of goods sold
4. Income tax expense
5. Depreciation expense
6. Gain on sale of wholesale business segment, net of tax
7. Loss from operating wholesale business segment, net of tax
8. Loss of assets from meteor strike
Exercise 17-17A (Algo) Income statement categories LO A2
Debit
Section
$ 1,684,000
247,000
264,000
505,000
728,000
Credit
$ 3,300,000
262,000
Indicate where each of the following income-related items for this company appears on its current year income statement by selecting
the appropriate section in the drop down beside each item.
882,000
Item
Net sales
Gain on state's condemnation of company property
Cost of goods sold
Income tax expense
Depreciation expense
Gain on sale of wholesale business segment, net of tax
Loss from operating wholesale business segment, net of tax
Loss of assets from meteor strike
$
Debit
1,684,000
247,000
264,000
505,000
728,000
Credit
$ 3,300,000
262,000
882,000
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I already have those answers on the question, i need the drop down answers for each indivudiual one thank you
![Use the following information for the Exercies below. (Algo)
[The following information applies to the questions displayed below.]
In the current year, Randa Merchandising Incorporated sold its interest in a chain of wholesale outlets, taking the company
completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of
an income statement follows.
1.
2.
3.
4.
5.
6.
7.
8.
Item
1. Net sales
2. Gain on state's condemnation of company property
3. Cost of goods sold
4. Income tax expense
5. Depreciation expense
6. Gain on sale of wholesale business segment, net of tax
7. Loss from operating wholesale business segment, net of tax
8. Loss of assets from meteor strike
Exercise 17-17A (Algo) Income statement categories LO A2
Section
Debit
$ 1,684,000
247,000
264,000
505,000
728,000
Indicate where each of the following income-related items for this company appears on its current year income statement by selecting
the appropriate section in the drop down beside each item.
Income (loss) from operating a discontinued segment, or gain (loss) from its disposal
Net sales less operating expense section
Other unusual and/or infrequent gains (losses)
Taxes reported on income (loss) from continuing operations
Credit
$ 3,300,000
262,000
882,000
ods sold
Net sales
ainantate's condemnation of company property
Item
expense
on expense
le of wholesale business segment, net of tax
operating wholesale business segment, net of tax
sets from meteor strike
$
Debit
1,684,000
247,000
264,000
505,000
728,000
$
Credit
3,300,000
262,000
882,000](https://content.bartleby.com/qna-images/question/f2bfa172-bfc6-4a2e-9589-90b7bd2d30c6/dd53db1d-074a-4693-b9ca-304d906567ea/pojjhif_processed.png)
Transcribed Image Text:Use the following information for the Exercies below. (Algo)
[The following information applies to the questions displayed below.]
In the current year, Randa Merchandising Incorporated sold its interest in a chain of wholesale outlets, taking the company
completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of
an income statement follows.
1.
2.
3.
4.
5.
6.
7.
8.
Item
1. Net sales
2. Gain on state's condemnation of company property
3. Cost of goods sold
4. Income tax expense
5. Depreciation expense
6. Gain on sale of wholesale business segment, net of tax
7. Loss from operating wholesale business segment, net of tax
8. Loss of assets from meteor strike
Exercise 17-17A (Algo) Income statement categories LO A2
Section
Debit
$ 1,684,000
247,000
264,000
505,000
728,000
Indicate where each of the following income-related items for this company appears on its current year income statement by selecting
the appropriate section in the drop down beside each item.
Income (loss) from operating a discontinued segment, or gain (loss) from its disposal
Net sales less operating expense section
Other unusual and/or infrequent gains (losses)
Taxes reported on income (loss) from continuing operations
Credit
$ 3,300,000
262,000
882,000
ods sold
Net sales
ainantate's condemnation of company property
Item
expense
on expense
le of wholesale business segment, net of tax
operating wholesale business segment, net of tax
sets from meteor strike
$
Debit
1,684,000
247,000
264,000
505,000
728,000
$
Credit
3,300,000
262,000
882,000
Solution
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