The Filzinger Corporation's December 31, 2024 year-end trial balance contained the following income statement items: Account Title Sales revenue Interest revenue Debits Credits $ 6,575,000 65,000 47,000 Gain on sale of investments Cost of goods sold Selling expense General and administrative expense Interest expense Research and development expense Income tax expense Required: $ 4,270,000 250,000, 923,000 25,000 500,000 140,000 Calculate the company's operating income for the year using a single-step income statement format. Filzinger Corporation Income Statement For the Year Ended December 31, 2024 Sales revenue Less operating expenses: Cost of goods sold Selling expense General and administrative expense Operating income (loss) $ 4,270,000 250,000 923,000 + $ 6,575,000 5,443,000 $1,132,000
The Filzinger Corporation's December 31, 2024 year-end trial balance contained the following income statement items: Account Title Sales revenue Interest revenue Debits Credits $ 6,575,000 65,000 47,000 Gain on sale of investments Cost of goods sold Selling expense General and administrative expense Interest expense Research and development expense Income tax expense Required: $ 4,270,000 250,000, 923,000 25,000 500,000 140,000 Calculate the company's operating income for the year using a single-step income statement format. Filzinger Corporation Income Statement For the Year Ended December 31, 2024 Sales revenue Less operating expenses: Cost of goods sold Selling expense General and administrative expense Operating income (loss) $ 4,270,000 250,000 923,000 + $ 6,575,000 5,443,000 $1,132,000
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 32BEB
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Transcribed Image Text:The Filzinger Corporation's December 31, 2024 year-end trial balance contained the following income statement items:
Account Title
Sales revenue
Interest revenue
Debits
Credits
$ 6,575,000
65,000
47,000
Gain on sale of investments
Cost of goods sold
Selling expense
General and administrative expense
Interest expense
Research and development expense
Income tax expense
Required:
$ 4,270,000
250,000,
923,000
25,000
500,000
140,000
Calculate the company's operating income for the year using a single-step income statement format.
Filzinger Corporation
Income Statement
For the Year Ended December 31, 2024
Sales revenue
Less operating expenses:
Cost of goods sold
Selling expense
General and administrative expense
Operating income (loss)
$ 4,270,000
250,000
923,000
+
$ 6,575,000
5,443,000
$1,132,000
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