Connect Secure https//newconnect.mheducation.com/flow/connect.html -Quiz In 2017
ID: 2408492 • Letter: C
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Connect Secure https//newconnect.mheducation.com/flow/connect.html -Quiz In 2017, Randa Merchandising, Inc, sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaing business. The company still operates its retail outlets. A listing of the major sections of an income statement follows: $2,910,8e9 242,0 . Cost of goods sold $1,485, 183 212,809 Incone taxes expense 6. Gain on sale of sholesale business segnent, net of ta 8. Loss of assets fron neteor strike, net of tax 765,800 46e,890 644,98 Prepare the income statement for calendar year 2017 (Loss amounts should be Indicated with a minus sign.) 3 2.010,000 Cost of goods seld 220 000 1917,103 Other unususl andior intrequent gans (osses Gain on stale's of company propety. net of tar Loss on aspets from mateor stke, net ofx 90 897 Dsoorteved segtiens dain on sae of nhoissale business segment (net of tau 65.000 304.000 here to searchExplanation / Answer
INCOME STATEMENTF for THE YEAR ENDED DECEMBER 2017 Sales $ 2,910,000.00 Expense COGS $ 1,485,103.00 Depreciation $ 220,000.00 Total Operating Expense $ 1,705,103.00 Gross Margin (A) $ 1,204,897.00 Other unusual / frequent gains (loss) Gain on state's comdemnation of property, net of tax $ 242,000.00 Loss on asset from meteor strike, net of tax $ (644,000.00) Income from Cotinuing operation before taxes $ 802,897.00 Income Tax Expense $ 212,000.00 Income from Cotinuing operation $ 590,897.00 Discontinued Segments Loss from operating wholesale business segment (net of tax) $ (460,000.00) Gain on sale of wholesale business segment (net of tax) $ 765,000.00 $ 305,000.00 Net Operating Income (A-B-C) $ 895,897.00
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