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Prepare a multiple-step income statement

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Reference no: EM131750941

Question - Income Statement Format

The following information from Belvidere Company's current operations is available:

Administrative expenses                                            $73,000

Cost of goods sold                                                     464,000

Sales revenue                                                           772,000

Selling expenses                                                        87,000

Interest expense                                                        10,000

Loss from operations of discontinued segment               60,000

Gain on disposal of discontinued segment                    40,000

Income taxes:

Amount applicable to ordinary operations - 60,000

Reduction applicable to loss from operations of discontinued segment - 24,000

Amount applicable to gain on disposal of discontinued segment - 16,000

Required -

a. Prepare a multiple-step income statement. (Disregard earnings per share.)

b. Prepare a single-step income statement. (Disregard earnings per share.)

Reference no: EM131750941

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