In the current year, Randa Merchandising, Inc., sold its
interest in a chain of wholesale outlets, taking the
company
completely out of the wholesaling business. The
company still
operates its retail outlets.
Prepare the December 31 year-end income
statement. (Loss amounts should be indicated with
a minus sign.)
- In The Current Year Randa Merchandising Inc Sold Its Interest In A Chain Of Wholesale Outlets Taking The Company Co 1 (26.52 KiB) Viewed 49 times
Debit Credit $3,000,000 239,000 Item 1. Net sales 2. Gain on state's condemnation of
company property 3. Cost of goods sold 4. Income tax 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 $1,531,034 217,000 225,000 795,000 472,000 664,000 Prepare the December 31 year-end income
statement. (Loss amounts should be indicated with a minus slgn.) RANDA MERCHANDISING, INC. Income
Statement For Year Ended December 31 Net sales Expenses: Total operating expenses Other unusual and/or infrequent gains (losses) Discontinued segment: