Question
Pharoah Company's trial balance of income statement accounts only for the year ended December 31, 2020 included the following: Debit Credit Sales revenue$288000Cost of goods
Pharoah Company's trial balance of income statement accounts only for the year ended December 31, 2020 included the following:
DebitCreditSales revenue$288000Cost of goods sold$175000Administrative expenses41300Loss on disposal of equipment18900Sales commission expense
16400Interest revenue10000Freight-out5900Loss from discontinued operations24400Bad debt expense5800
Other information:
Pharoah's income tax rate is30%. Finished goods inventory:
January 1, 2020$161800December 31, 2020139300
OnPharoah's multiple-step income statement for 2020, Income from continuing operations is
$24290.
$69400.
$35300.
$7210.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started