Liu Company Combined Statement of Comprehensive Income and Statement of Retained Earnings For the Year Ended December 31, 2018 $110,000 8,000 $118,000 Net sales revenue Other revenues Total revenues Expenses: Cost of goods sold Selling and administrative expenses Depreciation expense.. Interest expense $60,000 20,200 10,400 6,200 96,800 $ 21,200 9,360 $ 11,840 33,500 $ 45,340 4,000 $ 41,340 Total expenses. Income before income tax Income tax. . Net income. Retained earnings, January 1, 2018. Dividends declared and paid. Retained earnings, December 31, 2018. "Gain on sale of equipment (cost, $15,000; carrying amount, $2,000; sales price, $10,000). There is no other comprehensive income.

Liu Company Combined Statement of Comprehensive Income and Statement of Retained Earnings For the Year Ended December 31, 2018 $110,000 8,000 $118,000 Net sales revenue Other revenues Total revenues Expenses: Cost of goods sold Selling and administrative expenses Depreciation expense.. Interest expense $60,000 20,200 10,400 6,200 96,800 $ 21,200 9,360 $ 11,840 33,500 $ 45,340 4,000 $ 41,340 Total expenses. Income before income tax Income tax. . Net income. Retained earnings, January 1, 2018. Dividends declared and paid. Retained earnings, December 31, 2018. "Gain on sale of equipment (cost, $15,000; carrying amount, $2,000; sales price, $10,000). There is no other comprehensive income.

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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