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Required a. Prepare a multiple-step income statement. (Disregard earnings per share amounts.) b. Prepare a single-step income statement. (Disregard earnings per share amounts.)

Required a. Prepare a multiple-step income statement. (Disregard earnings per share amounts.) b. Prepare a single-step income statement. (Disregard earnings per share amounts.)

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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a. Hint: Do not enter any answers as negative numbers unless it's indicated with an asterisk *. Sales Revenue Cost of Goods Sold Gross Profit on Sales Selling Expenses Administrative Expenses Operating Income Interest Expense Income from Continuing Operations before Taxes Income Tax Expense Income from Continuing Operations ✔ Discontinued Operations Loss from operations of discontinued segment Gain on disposal of discontinued segment Income before Extraordinary Item Extraordinary Item Flood Loss Net Income Sales Revenue Expenses Cost of Goods Sold Selling Expenses TRICON COMPANY Income Statement For Year Ended Administrative Expenses Extraordinary Item Interest Expense Income Tax Expense Income from Continuing Operations + Discontinued Operations Loss from operations of discontinued segment Gain on disposal of discontinued segment Income before Extraordinary Item Flood Loss Net Income TRICON COMPANY Income Statement For Year Ended $ 191,400 151,800 132,000 * 88,000 X b. Hint: Do not enter any answers as negative numbers unless it's indicated with an asterisk *. $1,020,800 191,400 151,800 15,400 0x 0x* $1,698,400 1,020,800 0x 677,600 343,200 334,400 15,400 319,000 44,000 ** 55,000 ** 1,698,400 X 0 0x 0x 0 * 0x 0x*
Transcribed Image Text:a. Hint: Do not enter any answers as negative numbers unless it's indicated with an asterisk *. Sales Revenue Cost of Goods Sold Gross Profit on Sales Selling Expenses Administrative Expenses Operating Income Interest Expense Income from Continuing Operations before Taxes Income Tax Expense Income from Continuing Operations ✔ Discontinued Operations Loss from operations of discontinued segment Gain on disposal of discontinued segment Income before Extraordinary Item Extraordinary Item Flood Loss Net Income Sales Revenue Expenses Cost of Goods Sold Selling Expenses TRICON COMPANY Income Statement For Year Ended Administrative Expenses Extraordinary Item Interest Expense Income Tax Expense Income from Continuing Operations + Discontinued Operations Loss from operations of discontinued segment Gain on disposal of discontinued segment Income before Extraordinary Item Flood Loss Net Income TRICON COMPANY Income Statement For Year Ended $ 191,400 151,800 132,000 * 88,000 X b. Hint: Do not enter any answers as negative numbers unless it's indicated with an asterisk *. $1,020,800 191,400 151,800 15,400 0x 0x* $1,698,400 1,020,800 0x 677,600 343,200 334,400 15,400 319,000 44,000 ** 55,000 ** 1,698,400 X 0 0x 0x 0 * 0x 0x*
Income Statement Format The following information from Tricon Company's operations is available: Administrative expenses Cost of goods sold Sales revenue Selling expenses Interest expense Loss from operations of discontinued segment Flood loss (considered unusual and infrequent) Gain on disposal of discontinued segment Income taxes: Amount applicable to ordinary operations Reduction applicable to loss from operations of discontinued segment Amount applicable to gain on disposal of discontinued segment Reduction applicable to flood loss $151,800 1,020,800 1,698,400 191,400 15,400 132,000 55,000 88,000 127,600 74,800 35,200 22,000 Required a. Prepare a multiple-step income statement. (Disregard earnings per share amounts.) b. Prepare a single-step income statement. (Disregard earnings per share amounts.)
Transcribed Image Text:Income Statement Format The following information from Tricon Company's operations is available: Administrative expenses Cost of goods sold Sales revenue Selling expenses Interest expense Loss from operations of discontinued segment Flood loss (considered unusual and infrequent) Gain on disposal of discontinued segment Income taxes: Amount applicable to ordinary operations Reduction applicable to loss from operations of discontinued segment Amount applicable to gain on disposal of discontinued segment Reduction applicable to flood loss $151,800 1,020,800 1,698,400 191,400 15,400 132,000 55,000 88,000 127,600 74,800 35,200 22,000 Required a. Prepare a multiple-step income statement. (Disregard earnings per share amounts.) b. Prepare a single-step income statement. (Disregard earnings per share amounts.)
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