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The following list of items was extracted from the December 31, 2020, trial balance of Future Products Corp. Use the following information. The following list
The following list of items was extracted from the December 31, 2020, trial balance of Future Products Corp. Use the following information.
The following list of items was extracted from the December 31, 2020, trial balance of Future Products Corp. Use the following information. Credit Debit $ 94,370 117,146 27,800 $901,790 Salaries expense Income tax expense (continuing operations) Loss from operating Division c (net of $11,500 tax benefit) Sales Total effect on prior years' profit of change from declining balance to straight-line depreciation (net of $13,360 tax) Gain on provincial condemnation of land owned by Future Depreciation expense Gain on sale of Division C (net of $23,160 tax) Cost of goods sold 41, 240 103,600 71,250 74,000 476,220 Prepare the company's multiple-step income statement for 2020. (Enter all amounts as positive values.) Prepare the company's multiple-step income statement for 2020. (Enter all amounts as positive values.) FUTURE PRODUCTS CORP. Income Statement For Year Ended December 31, 2020 Operating expenses: Total operating expenses Other revenues/expenses: Discontinued operations: $ 0Step by Step Solution
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