FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
In the current year, Randa Merchandising Incorporated sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows. 1. Net sales 2. Gain on state's condemnation of company property 3. Cost of goods sold 4. Income tax expense 5. Depreciation expense 6. Gain on sale of wholesale business segment, net of tax 7. Loss from operating wholesale business segment, net of tax 8. Loss of assets from meteor strike Exercise 17-18A (Algo) Income statement presentation LO A2 Net sales Expenses: Item Total operating expenses Other unusual and/or infrequent gains (losses) Discontinued segment: RANDA MERCHANDISING, INCORPORATED Income Statement For Year Ended December 31 Prepare the December 31 year-end income statement. (Loss amounts should be indicated with a minus sign.) Debit $ $ 1,684,000 247,000 264,000 505,000 728,000 0 0 0 0 Credit $ 3,300,000 262,000 0 0 882,000
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Transcribed Image Text:In the current year, Randa Merchandising Incorporated sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows. 1. Net sales 2. Gain on state's condemnation of company property 3. Cost of goods sold 4. Income tax expense 5. Depreciation expense 6. Gain on sale of wholesale business segment, net of tax 7. Loss from operating wholesale business segment, net of tax 8. Loss of assets from meteor strike Exercise 17-18A (Algo) Income statement presentation LO A2 Net sales Expenses: Item Total operating expenses Other unusual and/or infrequent gains (losses) Discontinued segment: RANDA MERCHANDISING, INCORPORATED Income Statement For Year Ended December 31 Prepare the December 31 year-end income statement. (Loss amounts should be indicated with a minus sign.) Debit $ $ 1,684,000 247,000 264,000 505,000 728,000 0 0 0 0 Credit $ 3,300,000 262,000 0 0 882,000
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