The following information was taken from the records of Lizs Theatrical Supplies for 2014. In addition to
Question:
Cost of goods sold ................. $490,823
Extraordinary loss ................ 50,000
Income from discontinued operations ......... 70,000
Interest income ................. 4,650
Loss from disposal of discontinued component ...... 95,000
Loss on write-off of obsolete inventory ......... 23,500
Net sales ...................... 791,650
Rent revenue .................. 16,000
Selling and administrative expenses ......... 158,330
Unrealized holding loss on available-for-sale securities ... 15,000
Required:
Prepare a single-step income statement and statement of comprehensive income for 2014 using a single-statement format.
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Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
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