Question
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.)
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