Income Statement: Hard #12 Prepare a corrected multi-step incomestatement for the Company After examining transactions, youdiscovered the following:Included in other expenses1) Tax expense was at 36% of incomebefore taxes2) The company incurred a loss of$2,800 from selling equipment3) Rent expense of $12,000Included in other revenues:1) Interest income of $13,0002) Rent income $6,000Included in selling expenses:1) Loss from selling a major part of thebusiness $17,0002) Depreciation expense onmanufacturing equipment $22,000Prepare a corrected multi-step incomestatement for the Company 12. The following income statement was preparedby the marketing manager using the company'scash records and inventory records:$650,000$ 26.000$676,000SalesOther revenuesTotal Revenues:Cost of Goods Sold:$234.000Gross Profit:$442,000Selling Expenses:Administrative ExpensesOther Expenses$102,000$144,000$ 86,152Net Earnings:$109,848

The income statement is prepared to find the net income or loss of the business.

12. The following income statement was prepared by the marketing manager using the company's cash records and inventory records: Sales Other revenues $650,000 $ 26.000 $676,000 Total Revenues: Cost of Goods Sold: $234.000 Gross Profit: $442,000 Selling Expenses: Administrative Expenses Other Expenses $102,000 $144,000 $ 86,152 Net Earnings: $109,848

12. The following income statement was prepared by the marketing manager using the company's cash records and inventory records: Sales Other revenues $650,000 $ 26.000 $676,000 Total Revenues: Cost of Goods Sold: $234.000 Gross Profit: $442,000 Selling Expenses: Administrative Expenses Other Expenses $102,000 $144,000 $ 86,152 Net Earnings: $109,848

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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