Question

The following information from Jefferson Company’s operations is available: Administrative expenses $145,000 Cost of goods sold 928,000 Sales revenue 1,850,000 Selling expenses 174,000 Interest expense 14,000 Loss from operations of discontinued segment 120,000 Gain on disposal of discontinued segment 90,000 Income taxes: Amount applicable to ordinary operations 125,000 Reduction applicable to loss from operations of discontinued segment 22,000 Amount applicable to gain on disposal of discontinued segment 15,000 Required

a. Prepare a multiple-step income statement. (Disregard earnings per share amounts.) b. Prepare a single-step income statement. (Disregard earnings per share amounts.) Note: Do not enter any answers as negative numbers unless it's indicated with an asterisk *.

JEFFERSON COMPANY Multiple-Step Income Statement For Year Ended Sales Revenue Answer 1,850,000 Answer Answer 0 Answer Answer 0 Selling Expenses Answer 0 Administrative Expenses Answer 0 Answer 0 Operating Income Answer 0 Interest Expense Answer 0 Income from Continuing Operations before Taxes Answer 0 Answer Answer 0 Answer Answer 0 Discontinued Operations Loss from operations of discontinued segment Answer 0 Gain on disposal of discontinued segment Answer 0 Answer 0 Net Income Answer 0 Note: Do not enter any answers as negative numbers unless it's indicated with an asterisk *. JEFFERSON COMPANY Single-Step Income Statement For Year Ended Sales Revenue Answer 0 Answer Cost of Goods Sold Answer 0 Selling Expenses Answer 0 Administrative Expenses Answer 0 Interest Expense Answer 0 Income Tax Expense Answer 0 Answer 0 Answer Answer 0 Answer Loss from operations of discontinued segment Answer 0 Gain on disposal of discontinued segment Answer 0 Answer 0 Net Income Answer 0

Answer 1