Use the following information for the Exercies 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. 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 Item Exercise 13-18A (Algo) Income statement presentation LO A2 Prepare the December 31 year-end income statement. Note: Loss amounts should be indicated with a minus sign. Net sales Expenses: Total operating expenses RANDA MERCHANDISING, INCORPORATED Income Statement For Year Ended December 31 Other unusual d/or infrequent gains (losses) Debit $ 1,531,000 224,000 240,000 459,000 662,000 Credit $ 3,000,000 238,000 802,000

Use the following information for the Exercies 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. 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 Item Exercise 13-18A (Algo) Income statement presentation LO A2 Prepare the December 31 year-end income statement. Note: Loss amounts should be indicated with a minus sign. Net sales Expenses: Total operating expenses RANDA MERCHANDISING, INCORPORATED Income Statement For Year Ended December 31 Other unusual d/or infrequent gains (losses) Debit $ 1,531,000 224,000 240,000 459,000 662,000 Credit $ 3,000,000 238,000 802,000

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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