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(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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STATUSAnswered
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DATE ANSWEREDOct 07, 2020
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