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The following information was taken from the records of Lizs Theatrical Supplies for 2014 In addition to selling theatrical supplies Liz owned and operated a theater until October 15 2014 when

The following information was taken from the records of Liz’s Theatrical Supplies for 2014. In addition to selling theatrical supplies, Liz owned and operated a theater until October 15, 2014, when Liz sold this component of the business. All listed amounts are pre-tax, but are subject to a 38% income tax rate. Cost of goods sold ................. $490,823 Extraordinary loss ................ 50,000 Income from discontinued operations ......... 70,000 Interest income ................. 4,650 Loss from disposal of discontinued component ...... 95,000 Loss on write-off of obsolete inventory ......... 23,500 Net sales ...................... 791,650 Rent revenue .................. 16,000 Selling and administrative expenses ......... 158,330 Unrealized holding loss on available-for-sale securities ... 15,000 Required: Prepare a single-step income statement and statement of comprehensive income for 2014 using a single-statement format.

 

Apr 30 2020 View more View Less

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