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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. Iten 1. Net sales 2. Gain on atate'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. Loes from operating wholesale business segment, net of tax 8. Loss of assets from meteor strike Debit Section $1,684,000 247,000 264,000 305,000 720,000 Credit $3,300,000 262,000 882,000 ercise 17-17A (Algo) Income statement categories LO A2 cate where each of the following income-related items for this company appears on its current year income statement by selecting appropriate section in the drop down beside each item Net sales Gain on state's condemnation of company property Cost of goods sold Income tax expense Depreciation expense Gain on sale of wholesale business segment, net of tax Loss from operating wholesale business segment, net of tax Loss of assets from meteor strike Debit $ 1,684,000, 247,000 204,000 505.000 728,000 Credit $ 3,300,000 262,000 882,000

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. Iten 1. Net sales 2. Gain on atate'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. Loes from operating wholesale business segment, net of tax 8. Loss of assets from meteor strike Debit Section $1,684,000 247,000 264,000 305,000 720,000 Credit $3,300,000 262,000 882,000 ercise 17-17A (Algo) Income statement categories LO A2 cate where each of the following income-related items for this company appears on its current year income statement by selecting appropriate section in the drop down beside each item Net sales Gain on state's condemnation of company property Cost of goods sold Income tax expense Depreciation expense Gain on sale of wholesale business segment, net of tax Loss from operating wholesale business segment, net of tax Loss of assets from meteor strike Debit $ 1,684,000, 247,000 204,000 505.000 728,000 Credit $ 3,300,000 262,000 882,000

FINANCIAL ACCOUNTING
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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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. Iten 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. Cain 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 Debit Section $1,684,000 247,000 264,000 305,000 728,000 Credit $3,300,000 262,000 882,000 ercise 17-17A (Algo) Income statement categories LO A2 cate where each of the following income-related items for this company appears on its current year income statement by selecting appropriate section in the drop down beside each item Hem Net sales Gain on state's condemnation of company property Cost of goods sold Income tax expense Depreciation expense Gain on sale of wholesale business segment, net of tax Loss from operating wholesale business segment, net of tax Loss of assets from meteor strike Debit $ 1,684,000 247,000 264,000 505.000 728,000 Credit $ 3,300,000 262,000 882,000
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. Iten 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. Cain 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 Debit Section $1,684,000 247,000 264,000 305,000 728,000 Credit $3,300,000 262,000 882,000 ercise 17-17A (Algo) Income statement categories LO A2 cate where each of the following income-related items for this company appears on its current year income statement by selecting appropriate section in the drop down beside each item Hem Net sales Gain on state's condemnation of company property Cost of goods sold Income tax expense Depreciation expense Gain on sale of wholesale business segment, net of tax Loss from operating wholesale business segment, net of tax Loss of assets from meteor strike Debit $ 1,684,000 247,000 264,000 505.000 728,000 Credit $ 3,300,000 262,000 882,000
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