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The Tappen Tire Company provided the following partial trial balance for the current year ended December 31. The company is subject to a 35% income
The Tappen Tire Company provided the following partial trial balance for the current year ended December 31. The company is subject to a 35% income tax rate. (Click the icon to view the trial balance.) Read the requirements. Sales Less: Cost of Goods Sold Gross Profit Tappen Tire Company Statement of Net Income For the Year Ended December 31 $ 340,000 (84,000) $ 256,000 expenses or loss amounts.) Tappen Tire Company Sales Less: Cost of Goods Sold Gross Profit Statement of Net Income For the Year Ended December 31 Discontinued Operations General and Administrative Expenses: Gross Profit Income From Continuing Operations Income From Continuing Operations Before Tax Operating Expenses: Operating Income Other Expenses and Losses Other Revenues and Gains Sales Revenue Selling Expenses: $ 340,000 (84,000) Accounting and Legal Fees-General Advertising Expense Amortization Expense-General Cost of Goods Sold Depreciation Expense-General Dividend Income Gain on Disposal of Plant Assets Gain on Flood Damage Income Tax Expense Interest Expense e current year ended Dec $ 340,000 (84,000) $ 256,000 111 Interest Income Loss on Asset Impairment Loss on Discontinued Operations-Net of Tax Office Salaries Expense Office Supplies Expense Sales Sales Salaries Expense Selling Expenses Systems Consulting Fees-General Unrealized Gain on Trading Investments he current year ended $ 340,000 (84,000) $ 256,0 Account Dividends Sales Interest Income Dividend Income For the Year Ended December 31 Debit 4,100 Credit $ 340,000 18,000 8,200 Gain on Flood Damage 42,000 Gain on Disposal of Plant Assets 5,200 Cost of Goods Sold Office Supplies Expense Unrealized Gain on Trading Investments Expense 54,000 84,000 6,600 Advertising Expense 24,000 Office Salaries Expense 30,000 Selling Expenses 38,000 Accounting and Legal Fees-General 5,500 Sales Salaries Expense 8,200 Systems Consulting Fees-General 3,200 Depreciation Expense-General 24,000 Dividend Income 8,200 Gain on Flood Damage 42,000 Gain on Disposal of Plant Assets 5,200 Unrealized Gain on Trading Investments 54,000 Cost of Goods Sold 84,000 Office Supplies Expense 6,600 Advertising Expense 24,000 Office Salaries Expense 30,000 Selling Expenses 38,000 Accounting and Legal Fees-General 5,500 Sales Salaries Expense 8,200 Systems Consulting Fees-General 3,200 Depreciation Expense-General 24,000 Amortization Expense-General 13,000 Interest Expense 6,100 Loss on Asset Impairment 14,500 Loss on Discontinued Operations-Before Tax 29,000 me Unrealized Loss on Available-for-Sale Bonds 6,200
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