Weygandt, Financial Accounting.10e PRINCIPLES OF ACCOUNTIN ORION Downloadable el

Question

Weygandt, Financial Accounting.10e PRINCIPLES OF ACCOUNTIN ORION Downloadable elexthook CALCULATOR FULL Exercise 5-10 In its income statement for the year ended December 31, 2019,Clumber Company reported th Operating expenses $725,000Intst revenue following condensed dat 28.100 5,300 2,403,000 6,510 Cost of geods sold 1290,000 Loss on disposal of plant assets 70,100 et sales Other comprehensive income Prepare a multiple-step income statement. List other revenues before other expenses If theveis s net loss then enter the amount using either a nepuative sign the number e.a. 45 or parentheses e (45).) O B Prtsc P F8 F9 F10 F11 F12 F2 F4 FS F6

Explanation / Answer

MULTISTEP INCOME STATEMENT

Cullumber Company

Income Statement

For the year ended December 31, 2019

SINGLE STEP INCOME STATEMENT

Cullumber Company

Income Statement

For the year ended December 31, 2019

COMPREHENSIVE INCOME STATEMENT

Cullumber Company

Income Statement

For the year ended December 31, 2019

Sales 2,403,000 Less : Cost of goods sold (1,290,000) Gross Margin 1,113,000 Less : Operating expenses (725,000) Operating income 388,000 Add : Other revenues and gains Interest revenue 28,100 Less : Other expenses and losses Interest expense (70,100) Loss on disposal of plant assets (15,100) (85,200) Net Income 330,900

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