FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Preparing a corporate income statement

ABC Corporation's accounting records include the following items, listed in no particular order, at December 31, 2018:

The income tax rate for ABC Corporation is 39%.

Prepare ABC’s income statement for the year ended December 31, 2018. Omit earnings per share. Use the multi-step format.

Other Income and (Expenses)
Net Sales
Gain on Discontinued Operations
Cost of Goods Sold
Operating Expenses
$ 30,000
25,000
$ (7,200)
81,000
3,600
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Transcribed Image Text:Other Income and (Expenses) Net Sales Gain on Discontinued Operations Cost of Goods Sold Operating Expenses $ 30,000 25,000 $ (7,200) 81,000 3,600
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