Gala Fruit Corp's accounting records include the following items, listed in no particular order, at December 31,
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Other gains (losses) .......................................... $(12,500)
Cost of goods sold ........................................... 35,000
Gain on discontinued operations ...................... 8,500
Accounts receivable ........................................ 9,500
Net sales revenue ............................................. $100,000
Operating expenses ........................................... 30,000
Income tax of 30 percent applies to all items. Prepare Gala Fruit Corp.'s multi-step income statement for the year ended December 31, 2017. Omit earnings per share.
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Related Book For
Horngrens Accounting
ISBN: 978-0133855388
10th Canadian edition Volume 2
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
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