A Content x M Question 5 - Unit 4 - Cha x Bb Microsoft PowerPoint - U X QuickBooks x ChatGPT x + https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252F... G 4 - Chapter 4 Homework Assignment Saved Help Save & Exit Check my 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, 080 $ 4, 300,000 Cost of goods sold 3, 020,000 2, 160, 000 Administrative expense 600 096 835, 009 Selling expense 520, 090 462, 000 eBook Interest revenue 166, 006 156,000 Interest expense 232, 000 232, 000 Print Loss on sale of assets of discontinued component 112, 000 References 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 $ 560,900 $ 660, 060 Cost of goods sold (370, 009) (416, 000) Administrative expense (66, 060) (56,000) Selling expense 36, 090) (36, 000) Operating income before taxes $ 88, 090 152, 090 In addition to the account balances above, several events occurred during 2024 that have not yet been reflected in the above accounts: 1. A fire caused $66,000 in uninsured damages to the main office building. The fire was considered to be an unusual event. ype here to search 0 74.F Mostly cloudy 6:5 ~ 0 4) 9/18 Prise 5 8 W E R O P S D G H K X V B INA Content x M Question 5 - Unit 4 - Cha X Bb Microsoft PowerPoint -LX QuickBooks x ChatGPT https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252F. A G nit 4 - Chapter 4 Homework Assignment Saved Help Save C 5 Operating income before taxes $ 88,000 $ 152,000 in addition to the account balances above, several events occurred during 2024 that have not yet been reflected in the above accounts: 10 points 1. A fire caused $66,000 in uninsured damages to the main office building. The fire was considered to be an unusual event 2. Inventory that had cost $56,000 had become obsolete because a competitor introduced a better product. The inventory was written down to its scrap value of $7,000. eBook 3. Income taxes have not yet been recorded. Print Required: References Prepare a multiple-step income statement for the Reed Company for 2024, showing 2023 information in comparative format, including income taxes computed at 25% and EPS disclosures assuming 500,000 shares of outstanding common stock. Note: Round EPS answers to 2 decimal places. REED COMPANY Comparative Income Statements For the Years Ended December 31 2024 2023 Sales revenue Gross profit (loss) Operating expenses Mc Type here to search 74.F Mostly cloudy C F10 Prise @ S O W E R P S G HA Content x M Question 5 - Unit 4 - Cha x Bb Microsoft PowerPoint - L X > QuickBooks x ChatGPT x/ + https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252F... A Y 4 - Chapter 4 Homework Assignment i Saved Help Save & Exit Check my 5 REED COMPANY Comparative Income Statements For the Years Ended December 31 10 2024 2023 points Sales revenue Book Gross profit (loss) Operating expenses Print References otal operating expenses Operating income Other income (expense) Total other income, net income from continuing operations before income taxes MC > G Unit 4 - Chapter 4 Homework Assignment Saved Help Save & Exit Check my w 5 Other income (expense) 10 Total other income, net points Income from continuing operations before income taxes Income from continuing operations eBook Discontinued operations Print Income (loss) from operations of discontinued component References Income (loss) on discontinued operations Net income Earnings per share: Net income MS Type here to search 74.F Mostly cloudy ~ [ = () 9/18/2024 7:12 PM C @ 15 8 9 O W E R P Q S F G H K X C B N M Alt Cini