A Content x M Question 5 - Unit 4 - Chapter 4 H X QuickBooks Online Login Sign in X ChatGPT X + ttps://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252F... G Chapter 4 Homework Assignment i Saved Help Save & Exit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to quest Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31 2024 2023 Sales revenue $ 5, 200, 000 $ 4, 300, 000 Cost of goods sold 3, 020,000 2, 160, 000 Administrative expense 960, 090 835, 000 Selling expense 520, 090 462, 000 Interest revenue 166,000 156,000 Interest expense 232,000 232,000 Loss on sale of assets of discontinued component 112, 906 On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2024, for $112,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 1/1/2024-9/30/2024 2023 Sales revenue $ 560,000 5 660,900 Cost of goods sold (000'OLE) 416, 060) Administrative expense (66, 090 (56, 090) Selling expense (36, 000) (36, 000) Operating income before taxes $ 88,000 $ 152, 090 In addition to the account balances above, several events occurred during 2024 that have not yet been reflected in the above 4:45 PM Type here to search W 76.F Mostly sunny ~9 9/21/2024 X F4 F5 Ed F6 F7 FB F9 OF12 PrtSc Delete Ins 16 F1 - F2 F10 F11 S Backs 6 8 9 O A W N P Q W E R Y U A S D F G H K Z X B IN M Alt CtriSaved Help Save & Exit Unit 4 - Chapter 4 Homework Assignment i Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to que 5 Comparative Income Statements For the Years Ended December 31 2024 2023 Sales revenue 5,200,080 X 10 Cost of goods sold 3,020,000 x points Gross profit (loss) 2,180,080 Operating expenses: Administrative expense 6,000,096 x Selling expense 520,090 X Total operating expenses 6,520,186 Operating income (4,340, 106) Other income (expense) Interest revenue 166,006 x X X Income tax expense 232,000 X Total other income, net 398,006 come from continuing operations before income taxes 166,006 X Type here to search w 76.F Mostly sunny ~ 9 4) 18 F1 X FA F5 F6 F7 F9 F10 F11 :2:# F12 Prison Delete @ $ % & V A N 5 6 8 9 O W E R P M A S D F G H K Z X B IN M Alt Alt CtriUnit 4 - Chapter 4 Homework Assignment i Saved Help Save & Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return t 5 Income tax expense X 232,000 X Total other income, net 398,006 0 Income from continuing operations before income taxes 166,006 X 10 points Income from continuing operations 166,006 0 Discontinued operations Income (loss) from operations of discontinued component 112,000 X Income (loss) on discontinued operations 112,000 Net income $ 54,006 Earnings per share: Income on discontinued operations * $ 150,067.50 x Net income Type here to search Ei 76.F Mostly sunny 16 F1 F2 + 3 X F4 F5 Ed F6 F7 1FB F9 F10 F11 PrtSc Ins D @ # S & A 5 6 8 O Q W E R O P A S G H K Z X B N M Alt Ctri