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Saved Help Save & Exit Check m In Year 1, Kim Company sold land for $111,000 cash. The land had originally cost $46,000. Also, Kim sold inventory that had cost $193,000 for $278,000 cash. Operating expenses amounted to $40,000. Required a. Prepare a Year 1 multistep income statement for Kim Company. b. Assume that normal operating activities grow evenly by 12 percent during Year 2. Prepare a Year 2 multistep income statement for Kim Company. c. Determine the percentage change in net income between Year 1 and Year 2. d. Should the stockholders have expected the results determined in Requirement c? Complete this question by entering your answers in the tabs below. Req A Req B Req C and D Prepare a Year 1 multistep income statement for Kim Company. KIM COMPANY Income Statement For the Year Ended December 31, Year 1 Cash $ 110,000 110,000 Expenses Prev 1 of 1 Next

Saved Help Save & Exit Check m In Year 1, Kim Company sold land for $111,000 cash. The land had originally cost $46,000. Also, Kim sold inventory that had cost $193,000 for $278,000 cash. Operating expenses amounted to $40,000. Required a. Prepare a Year 1 multistep income statement for Kim Company. b. Assume that normal operating activities grow evenly by 12 percent during Year 2. Prepare a Year 2 multistep income statement for Kim Company. c. Determine the percentage change in net income between Year 1 and Year 2. d. Should the stockholders have expected the results determined in Requirement c? Complete this question by entering your answers in the tabs below. Req A Req B Req C and D Prepare a Year 1 multistep income statement for Kim Company. KIM COMPANY Income Statement For the Year Ended December 31, Year 1 Cash $ 110,000 110,000 Expenses Prev 1 of 1 Next

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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Morgan Wallen - ItI Know Me (Audio Only)- YouTube Question 1-4-13A - Connect Saved Help Save & Exit Check m In Year 1, Kim Company sold land for $111,000 cash. The land had originally cost $46,000. Also, Kim sold inventory that had cost $193,000 for $278,000 cash. Operating expenses amounted to $40,000. Required a. Prepare a Year 1 multistep income statement for Kim Company. b. Assume that normal operating activities grow evenly by 12 percent during Year 2. Prepare a Year 2 multistep income statement for Kim Company. c. Determine the percentage change in net income between Year 1 and Year 2. d. Should the stockholders have expected the results determined in Requirement c? Complete this question by entering your answers in the tabs below. Req A Reg B Reg C and D Prepare a Year 1 multistep income statement for Kim Company. KIM COMPANY Income Statement For the Year Ended December 31, Year 1 Cash $ 110,000 110,000 Expenses < Prev 1 of 1 Next> 21 tty MacBook Pro @ #3 2$ & * 2 3 4 6. 7 8. W E Y G H J K
Transcribed Image Text:Morgan Wallen - ItI Know Me (Audio Only)- YouTube Question 1-4-13A - Connect Saved Help Save & Exit Check m In Year 1, Kim Company sold land for $111,000 cash. The land had originally cost $46,000. Also, Kim sold inventory that had cost $193,000 for $278,000 cash. Operating expenses amounted to $40,000. Required a. Prepare a Year 1 multistep income statement for Kim Company. b. Assume that normal operating activities grow evenly by 12 percent during Year 2. Prepare a Year 2 multistep income statement for Kim Company. c. Determine the percentage change in net income between Year 1 and Year 2. d. Should the stockholders have expected the results determined in Requirement c? Complete this question by entering your answers in the tabs below. Req A Reg B Reg C and D Prepare a Year 1 multistep income statement for Kim Company. KIM COMPANY Income Statement For the Year Ended December 31, Year 1 Cash $ 110,000 110,000 Expenses < Prev 1 of 1 Next> 21 tty MacBook Pro @ #3 2$ & * 2 3 4 6. 7 8. W E Y G H J K
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