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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Question
Income Statement: Hard #12
Prepare a corrected multi-step income
statement for the Company
![After examining transactions, you
discovered the following:
Included in other expenses
1) Tax expense was at 36% of income
before taxes
2) The company incurred a loss of
$2,800 from selling equipment
3) Rent expense of $12,000
Included in other revenues:
1) Interest income of $13,000
2) Rent income $6,000
Included in selling expenses:
1) Loss from selling a major part of the
business $17,000
2) Depreciation expense on
manufacturing equipment $22,000
Prepare a corrected multi-step income
statement for the Company](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdecab3ce-1da9-4180-918a-66d3abaac260%2F91fd3ea9-b2e7-42bb-a436-3cbe8a2c3cb9%2Ffp51kd8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:After examining transactions, you
discovered the following:
Included in other expenses
1) Tax expense was at 36% of income
before taxes
2) The company incurred a loss of
$2,800 from selling equipment
3) Rent expense of $12,000
Included in other revenues:
1) Interest income of $13,000
2) Rent income $6,000
Included in selling expenses:
1) Loss from selling a major part of the
business $17,000
2) Depreciation expense on
manufacturing equipment $22,000
Prepare a corrected multi-step income
statement for the Company
![12. The following income statement was prepared
by the marketing manager using the company's
cash records and inventory records:
$650,000
$ 26.000
$676,000
Sales
Other revenues
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdecab3ce-1da9-4180-918a-66d3abaac260%2F91fd3ea9-b2e7-42bb-a436-3cbe8a2c3cb9%2Fx01h2yd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:12. The following income statement was prepared
by the marketing manager using the company's
cash records and inventory records:
$650,000
$ 26.000
$676,000
Sales
Other revenues
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
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