Question: can any explain why my answer is not complete? Exercise 17-14A Income statement presentation LO A2 In 2017, Randa Merchandising, Inc., sold its interest in

Exercise 17-14A Income statement presentation LO A2 In 2017, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets, taking the company completely out of th wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement fc Debit Credit $2,900,000 248,000 Item 1. Net sales 2. Gain on state's condemnation of company property, net of tax 3. Cost of goods sold 4. Income taxes expense 5. Depreciation expense 6. Gain on sale of wholesale business segment, net of tax 7. Loss from operating wholesale business segment, net of tax 8. Loss of assets from meteor strike, net of tax $1,480,000 219,000 227,500 772,500 451,000 672,000 Prepare the income statement for calendar year 2017. (Loss amounts should be indicated with a minus sign.) tut 4 + 4 4 2 4 4 4 1 8 8 8 8 8 8 % % % % % % % % % % v v v v 4 4 4 H+ + 3 Answer is not complete. RANDA MERCHANDISING, INC. Income Statement For Year Ended December 31, 2017 $ 2,900,000 Net sales $ Expenses: Cost of goods sold Depreciation expense 1,480,000 227,500 Total operating expenses 1,707,500 1,192,500 (672,000) 248,000 Other unusual and/or infrequent gains (losses) Loss on assets from meteor strike, net of tax Gain on state's condemnation of company property, net of tax Income from continuing operations before taxes Income taxes expense Income from continuing operations Discontinued segment: Gain on sale of wholesale business segment (net of tax) Loss from operating wholesale business segment (net of tax) 768,500 219,000 549,500 >> 772,500 (451,000) 321,500 871,000 $
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
