(Answered)-Intermediate Company gathered the following information on

Intermediate Company gathered the following information on December 31, 2015:

????? Cost of goods sold????????????????????????????????????????????????????????????????? $510,000

????? Cumulative effect of a change in inventory method (credit)?????? 25,000

????? Extraordinary gain????????????????????????????????????????????????????????????????????? 30,000

????? Gain on sale of equipment??????????????????????????????????????????????????????? 20,000

????? Interest expense??????????????????????????????????????????????????????????????????????? 30,000

????? Loss on sale of discontinued operations?????????????????????????????????? 20,000

????? Operating expenses???????????????????????????????????????????????????????????????? 190,000

????? Operating income from discontinued operations?????????????????????? 35,000

????? Prior-period adjustment-debit to retained earnings?????????????????? 17,000

????? Sales revenue?????????????????????????????????????????????????????????????????????????? 992,000

????? Treasury stock, common?????????????????????????????????????????????????????????? 38,000

????? Income tax expense (savings):

??????????? Continuing operations????????????????????????????????????????????????????????? 62,000

??????????? Discontinued operations:

????????????????? Operating income????????????????????????????????????????????????????????? 20,000

????????????????? Loss on sale????????????????????????????????????????????????????????????????? (6,000)

??????????? Extraordinary gain???????????????????????????????????????????????????????????????? 8,000

??????????? Cumulative effect of change in inventory method??????????????? 10,000

Prepare a single-step income statement for Intermediate Company for the year ended December 31, 2015. Ignore EPS calculations.?

Intermediate company

 

Income statement

 

For year ended Dec 31, 2015

 

Revenues and gains

 

Sales revenue

 

Extraordinary gain

 

Gain on sale of equipment

 

Operating income from discontinued operations...

 

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Oct 07, 2020

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