! Required information Use the following information for the Exercies below. (Algo) [The following information applies to the questions displayed below.] 1. 2. 3. 4. 5. 6. 7. 8. In the current year, Randa Merchandising Incorporated sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows. Item 1. Net sales 2. Gain on state's condemnation of company property 3. Cost of goods sold 4. Income tax expense 5. Depreciation expense 6. Gain on sale of wholesale business segment, net of tax 7. Loss from operating wholesale business segment, net of tax 8. Loss of assets from meteor strike Debit Section $ 1,684,000 247,000 264,000 505,000 728,000 Credit $ 3,300,000 262,000 Exercise 17-17A (Algo) Income statement categories LO A2 Indicate where each of the following income-related items for this company appears on its current year income statement by selecting the appropriate section in the drop down beside each item. 882,000 Item Net sales Gain on state's condemnation of company property Cost of goods sold Income tax expense Depreciation expense Gain on sale of wholesale business segment, net of tax Loss from operating wholesale business segment, net of tax Loss of assets from meteor strike Debit $1,684,000 247,000 264,000 505,000 728,000 Credit $ 3,300,000 262,000 882,000
! Required information Use the following information for the Exercies below. (Algo) [The following information applies to the questions displayed below.] 1. 2. 3. 4. 5. 6. 7. 8. In the current year, Randa Merchandising Incorporated sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows. Item 1. Net sales 2. Gain on state's condemnation of company property 3. Cost of goods sold 4. Income tax expense 5. Depreciation expense 6. Gain on sale of wholesale business segment, net of tax 7. Loss from operating wholesale business segment, net of tax 8. Loss of assets from meteor strike Debit Section $ 1,684,000 247,000 264,000 505,000 728,000 Credit $ 3,300,000 262,000 Exercise 17-17A (Algo) Income statement categories LO A2 Indicate where each of the following income-related items for this company appears on its current year income statement by selecting the appropriate section in the drop down beside each item. 882,000 Item Net sales Gain on state's condemnation of company property Cost of goods sold Income tax expense Depreciation expense Gain on sale of wholesale business segment, net of tax Loss from operating wholesale business segment, net of tax Loss of assets from meteor strike Debit $1,684,000 247,000 264,000 505,000 728,000 Credit $ 3,300,000 262,000 882,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
In the current year, Randa Merchandising Incorporated sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows.
| Item | Debit | Credit |
|-------------------------------------------------------------------------------------------------------|-----------|-----------|
| 1. Net sales | | $3,300,000|
| 2. Gain on state's condemnation of company property | | 262,000 |
| 3. Cost of goods sold | $1,684,000| |
| 4. Income tax expense | 247,000 | |
| 5. Depreciation expense | 264,000 | |
| 6. Gain on sale of wholesale business segment, net of tax | | 882,000 |
| 7. Loss from operating wholesale business segment, net of tax | 505,000 | |
| 8. Loss of assets from meteor strike | 728,000 | |
Exercise 17-17A (Algo) Income statement categories LO A2
Indicate where each of the following income-related items for this company appears on its current year income statement by selecting the appropriate section in the drop-down beside each item.
| Section | Item |
|---------|-------------------------------------------------------------------------------------------------------|
| 1. | Net sales |
| 2. | Gain on state's condemnation of company property |
| 3. | Cost of goods sold |
| 4. | Income tax expense |
| 5. | Depreciation expense |
| 6. | Gain on sale of wholesale business segment, net of tax |
| 7. | Loss from operating wholesale business segment, net of tax |
| 8. | Loss of assets from meteor strike |](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff2bfa172-bfc6-4a2e-9589-90b7bd2d30c6%2Fabfd8d98-419b-4ca3-afdc-bcfbd70e0db9%2Fn8kvx5l_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
In the current year, Randa Merchandising Incorporated sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows.
| Item | Debit | Credit |
|-------------------------------------------------------------------------------------------------------|-----------|-----------|
| 1. Net sales | | $3,300,000|
| 2. Gain on state's condemnation of company property | | 262,000 |
| 3. Cost of goods sold | $1,684,000| |
| 4. Income tax expense | 247,000 | |
| 5. Depreciation expense | 264,000 | |
| 6. Gain on sale of wholesale business segment, net of tax | | 882,000 |
| 7. Loss from operating wholesale business segment, net of tax | 505,000 | |
| 8. Loss of assets from meteor strike | 728,000 | |
Exercise 17-17A (Algo) Income statement categories LO A2
Indicate where each of the following income-related items for this company appears on its current year income statement by selecting the appropriate section in the drop-down beside each item.
| Section | Item |
|---------|-------------------------------------------------------------------------------------------------------|
| 1. | Net sales |
| 2. | Gain on state's condemnation of company property |
| 3. | Cost of goods sold |
| 4. | Income tax expense |
| 5. | Depreciation expense |
| 6. | Gain on sale of wholesale business segment, net of tax |
| 7. | Loss from operating wholesale business segment, net of tax |
| 8. | Loss of assets from meteor strike |
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I already have those answers on the question, i need the drop down answers for each indivudiual one thank you
Transcribed Image Text:**Exercise Information**
**Overview:**
In the current year, Randa Merchandising Incorporated divested its interest in a chain of wholesale outlets, leading the company to exit the wholesaling business. Retail operations continue as normal. The major sections of the income statement are as follows:
| Item | Debit | Credit |
|------------------------------------------------------------------------------|-------------|------------|
| 1. Net sales | | $3,300,000 |
| 2. Gain on state’s condemnation of company property | | 262,000 |
| 3. Cost of goods sold | $1,684,000 | |
| 4. Income tax expense | 247,000 | |
| 5. Depreciation expense | 264,000 | |
| 6. Gain on sale of wholesale business segment, net of tax | | 882,000 |
| 7. Loss from operating wholesale business segment, net of tax | 505,000 | |
| 8. Loss of assets from meteor strike | 728,000 | |
**Exercise 17-17A (Algo) Income Statement Categories LO A2**
**Instructions:**
Determine where each of the following income-related items appears on the current year income statement by selecting the correct section for each item.
**Section Table:**
1. Section: ____________________
- Item: Net sales
- Debit: - Credit: $3,300,000
2. Section: ____________________
- Item: Gain on state’s condemnation of company property
- Debit: - Credit: 262,000
3. Section: ____________________
- Item: Cost of goods sold
- Debit: $1,684,000 - Credit:
4. Section: ____________________
- Item: Income (loss) from operating a discontinued segment, or gain (loss) from its disposal
5. Section: ____________________
- Item: Income tax expense
- Debit: $247,000 - Credit:
6. Section: ____________________
- Item: Depreciation expense
- Debit: $264,000 - Credit:
7. Section: ____________________
- Item: Gain on sale of wholesale business segment, net of tax
- Debit: - Credit: 882,000
8. Section: ____________________
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