Mellville Corporation provided the following partial-trial balance for the current yearPrepare a single-step income statement for the year ended December 31.Melville is subject to a 40% income tax rate Melville CorporationTrial Balance (Selected Accounts)For the Year Ended December 31AccountDebitCreditDividends$1,400 Sales $120,000Dividend Income 590Interest Income 900Gain on Disposal of Plant Assets 1,100Unrealized Gain on Trading Investments 1,700Cost of Goods Sold45,000 Office Supplies Expense4,100 Sales Salaries Expense3,300 Selling Expenses15,000 Accounting and Legal Fees—General Expense830 Advertising Expense3,800 Office Salaries Expense6,600 Depreciation Expense—General Expense9,400 Interest Expense2,200 Loss on Asset Impairment2,400 Revenue and Gains Total Revenue and Gains Expenses and Losses Total Expenses and Losses Net Income

Answered: Prepare a single-step income statement…

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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Mellville Corporation provided the following partial-trial balance for the current year
Prepare a single-step income statement for the year ended December 31.

Melville is subject to a 40% income tax rate

Melville Corporation
Trial Balance (Selected Accounts)
For the Year Ended December 31
Account	Debit	Credit
Dividends	$1,400
Sales		$120,000
Dividend Income		590
Interest Income		900
Gain on Disposal of Plant Assets		1,100
Unrealized Gain on Trading Investments		1,700
Cost of Goods Sold	45,000
Office Supplies Expense	4,100
Sales Salaries Expense	3,300
Selling Expenses	15,000
Accounting and Legal Fees—General Expense	830
Advertising Expense	3,800
Office Salaries Expense	6,600
Depreciation Expense—General Expense	9,400
Interest Expense	2,200
Loss on Asset Impairment	2,400

Revenue and Gains





Total Revenue and Gains
Expenses and Losses











Total Expenses and Losses
Net Income

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Prepared The income statement of Melville corporation for the year ended 31,December

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