Question - Income Statement Format
The following information from Belvidere Company's current operations is available:
Administrative expenses $73,000
Cost of goods sold 464,000
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 - 60,000
Reduction applicable to loss from operations of discontinued segment - 24,000
Amount applicable to gain on disposal of discontinued segment - 16,000
Required -
a. Prepare a multiple-step income statement. (Disregard earnings per share.)
b. Prepare a single-step income statement. (Disregard earnings per share.)