Question

Carson Corporation provided the following​ partial-trial balance for the current year.

Prepare a​ single-step income statement for the year ended December 31.

Carson is subject to a 40​% income tax rate. ​(Round all amounts to the nearest whole​ dollar.)

Carson Corporation

Trial Balance (Selected Accounts)

For the Year Ended December 31

Account

Debit

Credit

Dividends

$1,370

Sales

$190,000

Dividend Income

530

Interest Income

1,300

Gain on Disposal of Plant Assets

960

Unrealized Gain on Trading Investments

1,600

Cost of Goods Sold

40,000

Office Supplies Expense

5,000

Sales Salaries Expense

4,200

Selling Expenses

9,000

Accounting and Legal Fees—General Expense

770

Advertising Expense

3,600

Office Salaries Expense

7,100

Depreciation Expense—General Expense

8,900

Interest Expense

1,900

Loss on Asset Impairment

2,000

if anything wrong or missing please fix them thanks

Carson Corporation Statement of Net Income For the Year Ended December 31 Sales 19000 Cost of Goods Sold 40000 Unrealized Gain on Trading Investments 5000 Operating Expenses: Office Supplies Expense Sales Salaries Expense Selling Expenses 4200 9000 Accounting and Legal Fees—General Expense 770 3600 Advertising Expense Office Salaries Expense 7100 Depreciation Expense-General Expense 8900 1900 Interest Expense Loss on Asset Impairment 2000 Income Tax Expense 44569 150000 65751 Net Income

Answer 1

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Carson Corporation
Income Statement for the year ended December 31.
Particulars	Amount $	Amount $
Revenues
Sales Revenue	190,000.00
Dividend Income	530.00
Interest Income	1,300.00
Gain on disposal of plant assets	960.00
Unrealized Gain on trading securities	1,600.00
Total Revenues		194,390.00
Cost of goods sold		40,000.00
Gross Profit		154,390.00
Expenses
Selling expense	9,000.00
Sales Salaries Expense	4,200.00
Advertising Expense	3,600.00
Depreciation Expense- General	8,900.00
Office Salaries Expense	7,100.00
Office Supplies Expense	5,000.00
Accounting & Legal Fees- General	770.00
Interest expense	1,900.00
Loss on asset impairment	2,000.00
Total Expense		42,470.00
Income before tax		111,920.00
Tax expense		44,768.00
Net Income		67,152.00