Question
Question 24 10 Points Logan Corp.s trial balance of income statement accounts for the year ended December 31, 2025 included the following: DebitCredit Sales revenue$280,000
Question 24
10 Points
Logan Corp.s trial balance of income statement accounts for the year ended December 31, 2025 included the following:
DebitCredit
Sales revenue$280,000
Cost of goods sold$170,000
Administrative expenses40,000
Loss on disposal of equipment18,000
Sales commission expense16,000
Interest revenue10,000
Freight-out6,000
Loss from discontinued operations24,000
Bad debt expense6,000
Totals$280,000$290,000
Logans income tax rate is 20%.
Finished goods inventories are as follows:
January 1, 2025$160,000
December 31, 2025140,000
On Logan's multiple-step income statement for 2025, cost of goods manufactured is reported at
$196,000.
$190,000.
$156,000.
$150,000.
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