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Income Statement Format The following information from Belvidere Company's current operations is available: Administrative expenses Cost of goods sold Sales revenue Selling expenses Interest expense Loss from operations of discontinued segment Gain on disposal of discontinued segment Income taxes: Amount applicable to ordinary operations Reduction applicable to loss from operations of discontinued segment Amount applicable to gain on disposal of discontinued segment $96,600 649,600 1,080,800 121,800 9,800 84,000 56,000 81,200 33,600 22,400 Required a. Prepare a multiple-step income statement. (Disregard earnings per share.) b. Prepare a single-step income statement. (Disregard earnings per share.)

Income Statement Format The following information from Belvidere Company's current operations is available: Administrative expenses Cost of goods sold Sales revenue Selling expenses Interest expense Loss from operations of discontinued segment Gain on disposal of discontinued segment Income taxes: Amount applicable to ordinary operations Reduction applicable to loss from operations of discontinued segment Amount applicable to gain on disposal of discontinued segment $96,600 649,600 1,080,800 121,800 9,800 84,000 56,000 81,200 33,600 22,400 Required a. Prepare a multiple-step income statement. (Disregard earnings per share.) b. Prepare a single-step income statement. (Disregard earnings per share.)

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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Note: Do not enter any answers as negative numbers unless it's indicated with an asterisk *. BELVIDERE COMPANY Multiple-Step Income Statement For Year Ended Sales Revenue Cost of Goods Sold Gross Profit on Sales Selling Expenses ◆ Administrative Expenses Operating Income Interest Expense Income from Continuing Operations before Taxes Income Tax Expense ✔ Income from Continuing Operations Discontinued Operations Loss from operations of discontinued segment Gain on disposal of discontinued segment Net Income Sales Revenue Expenses ✔ ✓ Cost of Goods Sold Selling Expenses $ Administrative Expenses Interest Expense Income Tax Expense Income from Continuing Operations ◆ ✔ Discontinued Operations ♦ ✓ Loss from operations of discontinued segment Gain on disposal of discontinued segment Net Income 121,800✔ 96,600✔ 47,600 x 33,600✔ $ 649,600✔ 121,800✔ 96,600✔ 9,800✔ 81,200✔ $ 1,080,800✔ 649,600 431,200 ✓ Note: Do not enter any answers as negative numbers unless it's indicated with an asterisk *. BELVIDERE COMPANY Single-Step Income Statement For Year Ended 47,600 x 33,600✔ $ 218,400 212,800✔ 9,800 203,000 ✓ 81,200✔ 121,800 $ 81,200 x 40,600 x $ 1,080,800✔ 959,000✔ 121,800✔ 81,200 x 40,600 x
Transcribed Image Text:Note: Do not enter any answers as negative numbers unless it's indicated with an asterisk *. BELVIDERE COMPANY Multiple-Step Income Statement For Year Ended Sales Revenue Cost of Goods Sold Gross Profit on Sales Selling Expenses ◆ Administrative Expenses Operating Income Interest Expense Income from Continuing Operations before Taxes Income Tax Expense ✔ Income from Continuing Operations Discontinued Operations Loss from operations of discontinued segment Gain on disposal of discontinued segment Net Income Sales Revenue Expenses ✔ ✓ Cost of Goods Sold Selling Expenses $ Administrative Expenses Interest Expense Income Tax Expense Income from Continuing Operations ◆ ✔ Discontinued Operations ♦ ✓ Loss from operations of discontinued segment Gain on disposal of discontinued segment Net Income 121,800✔ 96,600✔ 47,600 x 33,600✔ $ 649,600✔ 121,800✔ 96,600✔ 9,800✔ 81,200✔ $ 1,080,800✔ 649,600 431,200 ✓ Note: Do not enter any answers as negative numbers unless it's indicated with an asterisk *. BELVIDERE COMPANY Single-Step Income Statement For Year Ended 47,600 x 33,600✔ $ 218,400 212,800✔ 9,800 203,000 ✓ 81,200✔ 121,800 $ 81,200 x 40,600 x $ 1,080,800✔ 959,000✔ 121,800✔ 81,200 x 40,600 x
Income Statement Format The following information from Belvidere Company's current operations is available: Administrative expenses Cost of goods sold Sales revenue Selling expenses Interest expense Loss from operations of discontinued segment Gain on disposal of discontinued segment Income taxes: Amount applicable to ordinary operations Reduction applicable to loss from operations of discontinued segment Amount applicable to gain on disposal of discontinued segment $96,600 649,600 1,080,800 121,800 9,800 84,000 56,000 81,200 33,600 22,400 Required a. Prepare a multiple-step income statement. (Disregard earnings per share.) b. Prepare a single-step income statement. (Disregard earnings per share.)
Transcribed Image Text:Income Statement Format The following information from Belvidere Company's current operations is available: Administrative expenses Cost of goods sold Sales revenue Selling expenses Interest expense Loss from operations of discontinued segment Gain on disposal of discontinued segment Income taxes: Amount applicable to ordinary operations Reduction applicable to loss from operations of discontinued segment Amount applicable to gain on disposal of discontinued segment $96,600 649,600 1,080,800 121,800 9,800 84,000 56,000 81,200 33,600 22,400 Required a. Prepare a multiple-step income statement. (Disregard earnings per share.) b. Prepare a single-step income statement. (Disregard earnings per share.)
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