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COSC Acc 101: COSCAcc101SP13




Walker Company had total revenue and expense numbers of $1,500,000 and $1,200,000, respectively, in the current year. In addition, the company had a gain of $230,000 that resulted from the passage of new legislation, which is considered unusual and infrequent for financial reporting purposes. The gain is expected to be subject to a 35 percent income tax rate.;Prepare an abbreviated income statement for Walker for the year. (Amounts to be deducted should be indicated with a minus sign. Omit the "$" sign in your response.);WALKER COMPANY;Income Statement;For year ended _____.;(Click to select)Interest receivableOffice equipmentRevenuesSalaries payableDepreciation expenses $;(Click to select)ExpensesOffice equipmentSales revenueDepreciation expensesSupplies expense;(Click to select)Income before extraordinary itemAccounts payableDepreciaton expensesDeferred revenueDepreciation expenses $;(Click to select)Sales revenueExtraordinary lossExtraordinary gainInterest receivableSalaries payable;(Click to select)Net incomeNet loss $


Paper#28989 | Written in 18-Jul-2015

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