Question

E5-4 (similar to) Question He Bob Coposion provided flowing acont balances as of the end ofbeament year. The company is stjed to a 30% îoome tu ral HE (Click the loon to view the trial balance.) Prepare a single-step and a multiple-step statement of net income for Bob Corporation Prepare Bob Corporation's single-step income statement, one section at a time Trial bailance Debit Credit Dividends $ 31,000 Bob Corporation Statement of Net Income $ 1,300,000 6,900 5,400 22,000 26,000 34,000 nterest Income Dividend Iincome Unrealized Gain on Trading Securities Gain on Disposal of Plant Assets Gain on Flood Damage-Before Tax Gain on Disoontinued Operations-Before Tax Cost of Goods Sold Sales Salaries Expense Office Supplies Expense Adverising Expense Office Salaries Expense Systems Consulting Foes-Ganeral Seling Expenses Aocounting and Legal Fees Administrative For the Year Ended December 3 43,000 27,000 80,000 31,000 20,000 79,000 43,000 105,000 19,000 22,000 64.000 interest Expense Loss on Asset Impairment Choose from any list or enber any number in the input fields and then click Check Answer

Answer 1

Statement of Net Income
Sales	$         13,00,000
Interest Income	$                 6,900
Dividend Income	$                 5,400
Gain on Disposal of plant Assets	$               26,000
Gain on Flood Damage	$               34,000
Gain on Discontiniued opeartion	$               33,000
Total Income		$                14,05,300
Less: Expenses:
Cost of Goods Sold	$               84,000
Sales Salaries Expenses	$               43,000
Office Supplies Expenses	$               27,000
Advertising Expenses	$               80,000
Office Salaries Expenses	$               31,000
Systeme Consultancy fees	$               20,000
Seling Expenses	$               79,000
Accounting and leagal fees	$               43,000
Depreciation expenses - General	$           1,05,000
Amortization expenses - General	$               19,000
Interest Expenses	$               22,000
Loss on impairnment	$               64,000
Total Expenses		$                  6,17,000
Net Income		$                  7,88,300