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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.

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
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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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.
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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