On Logan's multiple-step income statement for 2020, income from continuing operations is A) $27,200. B) $68,000. C) $8,000. D) $34,000.

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Logan Corp.'s trial balance of income statement accounts for the year ended December 31, 2020 included the following:
Debit
Credit
$280,000
Sales revenue
Cost of goods sold
Administrative expenses
Loss on disposal of equipment
Sales commission expense
Interest revenue
$170,000
40,000
18,000
16,000
6,000
Freight-out
Loss from discontinued operations
Bad debt expense
Totals
Other information:
Logan's income tax rate is 20%. Finished goods inventory:
January 1, 2020 $160,000
December 31, 2020 140,000
10,000
24,000
6,000
$280,000 $290,000
On Logan's multiple-step income statement for 2020, income from continuing operations is
A) $27,200.
B) $68,000.
C) $8,000.
D) $34,000.
Transcribed Image Text:Please show step by step Logan Corp.'s trial balance of income statement accounts for the year ended December 31, 2020 included the following: Debit Credit $280,000 Sales revenue Cost of goods sold Administrative expenses Loss on disposal of equipment Sales commission expense Interest revenue $170,000 40,000 18,000 16,000 6,000 Freight-out Loss from discontinued operations Bad debt expense Totals Other information: Logan's income tax rate is 20%. Finished goods inventory: January 1, 2020 $160,000 December 31, 2020 140,000 10,000 24,000 6,000 $280,000 $290,000 On Logan's multiple-step income statement for 2020, income from continuing operations is A) $27,200. B) $68,000. C) $8,000. D) $34,000.
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