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Question - Sheridan Company's trial balance of income statement accounts only for the year ended December 31, 2020 included the following:
Debit Credit
Sales revenue $272000
Cost of goods sold $172000
Administrative expenses 38300
Loss on sale of equipment 19000
Commissions to salespersons 15100
Interest revenue 10200
Freight-out 6200
Loss from discontinued operations 23400
Bad debt expense 5800
Other information: Sheridan's income tax rate is 40%. Finished goods inventory:
January 1, 2020 $158200
December 31, 2020 141000
Required - On Sheridan's multiple-step income statement for 2020, compute the discontinued operations loss?
Compute the required sales in dollars needed to achieve management's target net income of $84,000
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