the current year, a company sold (discontinued) its physical stores, taking the company's business entirely online. Item Debit Credit Other selling, general, and administrative expenses $174,000 Net sales $ 3,100,000 Cost of goods sold $ 1,582,069 Income tax expense 226,000 Depreciation expense 97,500 Income from operating physical store segment, net of tax 780,000 Loss from sale of physical store segment, net of tax 463,000 Loss of assets from earthquake damage to distribution center 360,000 Prepare the December 31 year-end income statement.

the current year, a company sold (discontinued) its physical stores, taking the company's business entirely online. Item Debit Credit Other selling, general, and administrative expenses $174,000 Net sales $ 3,100,000 Cost of goods sold $ 1,582,069 Income tax expense 226,000 Depreciation expense 97,500 Income from operating physical store segment, net of tax 780,000 Loss from sale of physical store segment, net of tax 463,000 Loss of assets from earthquake damage to distribution center 360,000 Prepare the December 31 year-end income statement.

Name: In the current year, a company sold (discontinued) its physical stores
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Description: In the current year, a company sold (discontinued) its physical stores, taking the company's business entirely online.ItemDebitCreditOther selling, general, and administrative expenses$174,000 Net sales $ 3,100,000Cost of goods sold$ 1,582,069 Income

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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Item	Debit	Credit
Other selling, general, and administrative expenses	$174,000
Net sales		$ 3,100,000
Cost of goods sold	$ 1,582,069
Income tax expense	226,000
Depreciation expense	97,500
Income from operating physical store segment, net of tax		780,000
Loss from sale of physical store segment, net of tax	463,000
Loss of assets from earthquake damage to distribution center	360,000

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