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Income statement, Help! Ican't figure out what goes where the ?????? are at!!! Exercise 17-14A Income statement presentation LO A2 In 2013, Randa Merchandising, Inc.,

Income statement, Help! Ican't figure out what goes where the "??????" are at!!!

Exercise 17-14A Income statement presentation LO A2

In 2013, Randa Merchandising, Inc., 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 Debit Credit
1. Net sales $ 2,900,000
2. Gain on states condemnation of company property (net of tax) 230,000
3. Cost of goods sold $ 1,480,000
4. Income taxes expense 217,000
5. Depreciation expense 232,500
6. Gain on sale of wholesale business segment (net of tax) 775,000
7. Loss from operating wholesale business segment (net of tax) 444,000
8. Salaries expense 640,000

Prepare the income statement for calendar year 2013. (Loss amounts should be indicated with a minus sign.)

RANDA MERCHANDISING, INC.

Income Statement

For Year Ended December 31, 2013

Net sales

$2,900,000

Expenses:

Cost of goods sold

$1,480,000

Depreciation expense

232,500

Salaries expense

640,000

Total expenses

2,352,500

Income from continuing operations

547,500

WHAT GOES HERE????? ????
???????????

547,500

Discontinued segment:

???????????? ??????
??????????????? ???????

????????????????

547,500

??????????????? ?????????
????????????/

$547,500

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