Pharoah Company's trial balance of income statement accounts only for the year ended December 31, 2020 included the following:<\/p>
<\/p>
Debit<\/strong>Credit<\/strong>Sales revenue$288000Cost of goods sold$175000Administrative expenses41300Loss on disposal of equipment18900Sales commission expense<\/p> 16400Interest revenue10000Freight-out5900Loss from discontinued operations24400Bad debt expense5800<\/p> <\/p> Other information:<\/p> Pharoah's income tax rate is30%. Finished goods inventory:<\/p> <\/p> January 1, 2020$161800December 31, 2020139300<\/p> <\/p> OnPharoah's multiple-step income statement for 2020, Income from continuing operations is<\/p> <\/p> $24290.<\/p> $69400.<\/p> $35300.<\/p> $7210.<\/p>",
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"title": "Global Strategy",
"isbn": "0357512367, 978-0357512364",
"edition": "5th Edition",
"authors": "Mike W. Peng",
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"uri": "\/textbooks\/global-strategy-5th-edition-9780357512364",
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