Account Dividends Carr Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Sales Dividend Income Interest Income Gain on Disposal of Plant Assets Unrealized Gain on Trading Investments Cost of Goods Sold Office Supplies Expense Sales Salaries Expense Selling Expenses Accounting and Legal Fees-General Expense Advertising Expense Office Salaries Expense Depreciation Expense-General Expense Interest Expense Loss on Asset Impairment Debit Credit $ 1,345 4 45,678 4,500 3,570 12,000 800 4,000 6,780 9,000 2,100 1,840 $ 123,750 560 1,000 986 2,000
Account Dividends Carr Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Sales Dividend Income Interest Income Gain on Disposal of Plant Assets Unrealized Gain on Trading Investments Cost of Goods Sold Office Supplies Expense Sales Salaries Expense Selling Expenses Accounting and Legal Fees-General Expense Advertising Expense Office Salaries Expense Depreciation Expense-General Expense Interest Expense Loss on Asset Impairment Debit Credit $ 1,345 4 45,678 4,500 3,570 12,000 800 4,000 6,780 9,000 2,100 1,840 $ 123,750 560 1,000 986 2,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please do not give image format and solve with explanation
Transcribed Image Text:Carr Corporation provided the following partial-trial balance for the current year.
(Click the icon to view the partial-trial balance.)
Prepare a single-step income statement for the year ended December 31. Carr is subject to a 40% income tax rate (Round all amounts to
the nosroet whole dollar).
Carr Corporation
Statement of Net Income
For the Year Ended December 31
Transcribed Image Text:Carr Corporation
Trial Balance (Selected Accounts)
For the Year Ended December 31
Account
Dividends
Sales
Dividend Income
Interest Income
Gain on Disposal of Plant Assets
Unrealized Gain on Trading Investments
Cost of Goods Sold
Office Supplies Expense
Sales Salaries Expense
Selling Expenses
Accounting and Legal Fees-General Expense
Advertising Expense
Office Salaries Expense
Depreciation Expense-General Expense
Interest Expense
Loss on Asset Impairment
$
Debit
4
1,345
45,678
4,500
3,570
12,000
800
4,000
6,780
9,000
2,100
1,840
Credit
$ 123,750
560
1,000
986
2,000
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