P$13-1$A$.$Stat

Question $12$

Partially correct

Mark $6\mathrm{.}08$ out of $6\mathrm{.}67$

Rag question

Income Statement Format

The following information from Buchanan Company's current operations is available:

$\backslash$table$[[$Administrative expenses,$$73,000],[$Cost of goods sold,$470,000],[$Sales revenue,$772,000],[$Selling expenses,$87,000],[$Interest expense,$10,000],[$Loss from operations of discontinued segment,$60,000],[$Gain on disposal of discontinued segment,$40,000],[$Income taxes:,$],[$Amount applicable to ordinary operations,$40,000],[$Reduction applicable to loss from operations of discontinued segment,$14,000],[$Amount applicable to gain on disposal of discontinued segment,$8\mathrm{.}000]]$

Required

a$.$ Prepare a multiple$-$step income statement. $($Disregard earnings per share.$)$

b$.$ Prepare a single$-$step income statement. $($Disregard earnings per share.$)$

Note: Do not enter any answers as negative numbers unless it's indicated with an asterisk

$\backslash$table$[[\backslash$table$[[$BUCHANAN COMPANY$],[$Multiple$-$Step Income Statement$],[$For Yoar Ended$]]],[],[$Sales Revenue,,,,,$ $772,000],[$Cost of Goods Sold,$*,,,,470,000],[$Gross Profit on Sales,Av$,,,,302\mathrm{.}000],[$Selling Expenses,,$5,87,000,,],[$Administrative Expenses,,,$73\mathrm{.}000,,160,000],[$Operating income,,,,,$142,000],[$Interest Expense,,,,,$10\mathrm{.}000]]$

Note: Do not enter any answers as negative numbers unless it's indicated with an a

$\backslash$table$[[$BUCHANAN COMPANY$],[$Multiple$-$Step Income Statement For Year Ended$],[$Sales Revenue,,$ $772,000],[$Cost of Goods Sold,,$470\mathrm{.}000],[$Gross Profit on Sales,,$302,000],[$Selling Expenses,$ $87,000,],[$Administrative Expenses,$73,000,160,000],[$Operating Income,,$142,000],[$Interest Expense,,$10\mathrm{.}000],[$Income from Continuing Operations before Taxes,,$132,000],[$Income Tax Expense,,$40,000],[$Income from Continuing Operations,$5$v$,92\mathrm{.}000],[$Discontinued Operations,,$],[$Loss from operations of discontinued segment,$(46,000),],[$Gain on disposal of discontinued segment,$32,000,32,000$