Question

Weighted 3 6 e following list of items was extracted from the December 31 2020 trial balance of Future Products Core lowing information n salaries expense e tax expense continuing operations oss from operating Division ( nt of $27, se ta benefit 95,70 117,496 11 12 5911.75 Total effect on pe lur years' profit of thing from declining bala to straight line depreciation (net of te non provincial condemnation of land alty Future 1 ,700 Gain on sale of Division Cost of sold (ret of $23.260 tax 74,100 Prepare the company's multiple step income Matement for 2020. Enter all amounts as positive values.) FUTURE PRODUCTS CORP income that Far Year Ended December 2020 < Prev 33 1N

Answer 1

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Sales			$      911,290
Cost of goods sold			$   (477,720)
Gross profit			$      433,570
Operating expenses:
Salaries expense		$     95,870
Depreciation expense		$     71,460
Total operating expenses			$   (167,330)
Operating income			$      266,240
Other revenues/expenses:
Gain on provincial condemnation of land			$      103,700
Income from continuing operations before income tax			$      369,940
Income tax expense			$   (117,496)
Income from continuing operations			$      252,444
Discontinued operations:
Loss from operating division C (net of $27,500 tax benefit)		$ (11,520)
Gain on sale of division C (net of $23,260 income tax)		$     74,100	$        62,580
Net income			$      315,024