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MMT Corporation reports the following income statement items ($ in millions) for the year ended December 31, 2024: sales revenue, $2,110; cost of goods sold, $1,260; selling expense, $125; general and administrative expense, $115; interest expense, $45; and gain on sale of investments, $55. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare a single-step income statement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). MMT CORPORATION Income Statement For the Year Ended December 31, 2024 Revenues and gains: Sales revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold Selling expenses General and administrative expenses $ 2,110 55 2,165 $ 1,260 125 115

MMT Corporation reports the following income statement items ($ in millions) for the year ended December 31, 2024: sales revenue, $2,110; cost of goods sold, $1,260; selling expense, $125; general and administrative expense, $115; interest expense, $45; and gain on sale of investments, $55. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare a single-step income statement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). MMT CORPORATION Income Statement For the Year Ended December 31, 2024 Revenues and gains: Sales revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold Selling expenses General and administrative expenses $ 2,110 55 2,165 $ 1,260 125 115

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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MMT Corporation reports the following income statement items ($ in millions) for the year ended December 31, 2024: sales revenue, $2,110; cost of goods sold, $1,260; selling expense, $125; general and administrative expense, $115; interest expense, $45; and gain on sale of investments, $55. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare a single-step income statement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). MMT CORPORATION Income Statement For the Year Ended December 31, 2024 Revenues and gains: Sales revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold Selling expenses General and administrative expenses $ 2,110 55 2,165 $ 1,260 125 115
Transcribed Image Text:MMT Corporation reports the following income statement items ($ in millions) for the year ended December 31, 2024: sales revenue, $2,110; cost of goods sold, $1,260; selling expense, $125; general and administrative expense, $115; interest expense, $45; and gain on sale of investments, $55. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare a single-step income statement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). MMT CORPORATION Income Statement For the Year Ended December 31, 2024 Revenues and gains: Sales revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold Selling expenses General and administrative expenses $ 2,110 55 2,165 $ 1,260 125 115
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