Income Statement: Hard #12 Prepare a corrected multi-step incomestatement for the Company After examining transactions, youdiscovered the following:Included in other expenses1) Tax expense was at 36% of incomebefore taxes2) The company incurred a loss of$2,800 from selling equipment3) Rent expense of $12,000Included in other revenues:1) Interest income of $13,0002) Rent income $6,000Included in selling expenses:1) Loss from selling a major part of thebusiness $17,0002) Depreciation expense onmanufacturing equipment $22,000Prepare a corrected multi-step incomestatement for the Company 12. The following income statement was preparedby the marketing manager using the company'scash records and inventory records:$650,000$ 26.000$676,000SalesOther revenuesTotal Revenues:Cost of Goods Sold:$234.000Gross Profit:$442,000Selling Expenses:Administrative ExpensesOther Expenses$102,000$144,000$ 86,152Net Earnings:$109,848

12. The following income statement was prepared by the marketing manager using the company's cash records and inventory records: Sales Other revenues $650,000 $ 26.000 $676,000 Total Revenues: Cost of Goods Sold: $234.000 Gross Profit: $442,000 Selling Expenses: Administrative Expenses Other Expenses $102,000 $144,000 $ 86,152 Net Earnings: $109,848

12. The following income statement was prepared by the marketing manager using the company's cash records and inventory records: Sales Other revenues $650,000 $ 26.000 $676,000 Total Revenues: Cost of Goods Sold: $234.000 Gross Profit: $442,000 Selling Expenses: Administrative Expenses Other Expenses $102,000 $144,000 $ 86,152 Net Earnings: $109,848

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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