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Compute the discontinued operations loss

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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?

Reference no: EM132679663

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