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Prepare a single step income statement with respect to income from operations.

Prepare a single step income statement with respect to income from operations.

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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Prepare a single step income statement with respect to income from operations.

The following information was taken from the records of Marigold Inc. for the year 2025: Income tax applicable to income from continuing operations $160,820, income tax applicable to loss on discontinued operations $21,930, and unrealized holding gain on available-for-sale debt securities (net of tax) $12,900. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $81,700 64,500 206,400 34,400 51,600 Shares outstanding during 2025 were 100,000. Cash dividends declared Retained earnings January 1, 2025 Cost of goods sold Selling expenses Sales revenue $129,000 840,000 731,000 258,000 1,634,000
Transcribed Image Text:The following information was taken from the records of Marigold Inc. for the year 2025: Income tax applicable to income from continuing operations $160,820, income tax applicable to loss on discontinued operations $21,930, and unrealized holding gain on available-for-sale debt securities (net of tax) $12,900. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $81,700 64,500 206,400 34,400 51,600 Shares outstanding during 2025 were 100,000. Cash dividends declared Retained earnings January 1, 2025 Cost of goods sold Selling expenses Sales revenue $129,000 840,000 731,000 258,000 1,634,000
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