Prepare a single-step income statement for the year ended December 31.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 4BCRQ
Related questions
Question
Mellville Corporation provided the following partial-
Prepare a single-step income statement for the year ended December 31.
Melville is subject to a 40% income tax rate
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Melville Corporation
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Trial Balance (Selected Accounts)
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For the Year Ended December 31
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Account
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Debit
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Credit
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Dividends
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$1,400
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Sales
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$120,000
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Dividend Income
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590
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Interest Income
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900
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Gain on Disposal of Plant Assets
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1,100
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Unrealized Gain on Trading Investments
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1,700
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Cost of Goods Sold
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45,000
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Office Supplies Expense
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4,100
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Sales Salaries Expense
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3,300
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Selling Expenses
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15,000
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Accounting and Legal Fees—General Expense
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830
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Advertising Expense
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3,800
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Office Salaries Expense
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6,600
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9,400
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Interest Expense
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2,200
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Loss on Asset Impairment
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2,400
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| Revenue and Gains | ||
| Total Revenue and Gains | ||
| Expenses and Losses | ||
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Total Expenses and Losses |
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Net Income |
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