Johnson 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. Johnson is subject to a 40% income tax rate. (Round all amounts to the nearest whole dollar.) Johnson Corporation Statement of Net Income For the Year Ended December 31 Partial trial balance Johnson Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Account Debit Credit Dividends $ 1,380 Sales $ 190,000 Dividend Income 580 Interest Income 700 Gain on Disposal of Plant Assets 1,400 Unrealized Gain on Trading Investments 1,500 Cost of Goods Sold 42,000 Office Supplies Expense 4,700 Sales Salaries Expense 3,900 Selling Expenses Accounting and Legal Fees-General Expense Advertising Expense 11.000 820 4,100

Johnson 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. Johnson is subject to a 40% income tax rate. (Round all amounts to the nearest whole dollar.) Johnson Corporation Statement of Net Income For the Year Ended December 31 Partial trial balance Johnson Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Account Debit Credit Dividends $ 1,380 Sales $ 190,000 Dividend Income 580 Interest Income 700 Gain on Disposal of Plant Assets 1,400 Unrealized Gain on Trading Investments 1,500 Cost of Goods Sold 42,000 Office Supplies Expense 4,700 Sales Salaries Expense 3,900 Selling Expenses Accounting and Legal Fees-General Expense Advertising Expense 11.000 820 4,100

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 38E: Sundahl Companys income statements for the past 2 years are as follows: Refer to the information for...

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