In its income statement for the year ended December 31, 2022, Pina Colada Corp. reported the following condense Operating expenses $723,000 Interest revenue $36,000 Cost of goods sold 1,259,000 Loss on disposal of plant assets 20,000 Interest expense 74,000 Net sales 2,202,000 Income tax expense 49,000 Other comprehensive income (net of $1,200 tax) 8,600

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Question 2 of 8
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-/25 E
Prepare a multiple-step income statement.
Pina Colada Corp.
Income Statement
24
Transcribed Image Text:Question 2 of 8 < > -/25 E Prepare a multiple-step income statement. Pina Colada Corp. Income Statement 24
In its income statement for the year ended December 31, 2022, Pina Colada Corp. reported the following condensed data.
Operating expenses
$723,000
Interest revenue
$36,000
Cost of goods sold
1,259,000
Loss on disposal of plant assets
20,000
Interest expense
74,000
Net sales
2,202,000
49,000
Other comprehensive income (net of $1,200 tax)
8,600
Income tax expense
Transcribed Image Text:In its income statement for the year ended December 31, 2022, Pina Colada Corp. reported the following condensed data. Operating expenses $723,000 Interest revenue $36,000 Cost of goods sold 1,259,000 Loss on disposal of plant assets 20,000 Interest expense 74,000 Net sales 2,202,000 49,000 Other comprehensive income (net of $1,200 tax) 8,600 Income tax expense
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