Presented here is information for Sheridan Company.Income tax expenseCasualty lossLoss from the sale of landSales returns and allowancesInterest revenueOther expenses and losses$14,000$1,4201,8008801,150Sales revenueRent expenseInterest expenseDividend revenueCalculate the amount reported as "Other expenses and losses".Income tax payable$96,4001,7902,4501,4005,000

Income statement is one of the financial statements that shows profitability, total revenue and total expenses of company during the period. Other expenses and losses include interest expense, loss on sale of property, plant and equipment, inventory written down, loss from sale of marketable securities, etcComputation of the other expenses and lossesOther Expenses and losses = Interest expense + Casualty loss + Loss From the Sale of Land = $2,450 + $1,420 + $1,800 = $5,670 Final Answer Hence, other expenses and losses are $5,670

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Presented here is information for Sheridan Company. Income tax expense Casualty loss plo of land $14,000 1,420 1.800 Sales revenue Rent expense Interest expense $96,400 1,790 2.450

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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