Question

Question 28 Not yet answered Marked out of 20.00 P Flag question Presented below is information related to Victor Company at December 31, 2019, the end of its first year of operations In addition to the information presented below, assume 200,000 shares of stock were outstanding during 2019. Also assume a tax rate of 30% on all items Administrative expenses $ 52,500 Gain on sale of investments S 25,000 Casualty loss S 10,000 Interest expense S 33.750 Cost of Goods Sold $ 900,000 Interest revenue $ 15,000 Cumulative decrease in icome from Loss from operations of discontinued change in inventory methods $ 18,000 component of a business (before tax) $ 180,000 Depreciation expense omitted in 2015 S 78,750 Net Sales S 1.462.500 Dividend revenue $ 22,500 Selling expenses S 71,250 Dividends declared $ 90,000 Income tax expense S 56.250 Gain from disposal of component of Write-off of goodwill due to S S 225,000 impairment 133.500 business (before tax) Requirements Prepare a partial multiple-step income statement Begin with income from continuing operations assume income from continuing operations is $400,000) and end with net income (and earning per share figures, or the year 2019 in appropnate format, including all headings, subheading, totals and subtotals within the partial income statement BI ch 1 55 Ili lili mil lil

Can anyone help me to answer these 2 questions plz be detail ? ?

Answer 1

Income Statement for the period ended 31st December, 2019
Expenses	Amount	Income	Amount
Cost of Goods Sold	9,00,000	Sales	14,62,500
Gross Profit	5,62,500
TOTAL	14,62,500	TOTAL	14,62,500
Administration Expenses	52,500	Gross Profit	5,62,500
Casualty Loss	10,000	Dividend Income	22,500
Depreciation Expenses	78,750	Gain on sale of Investment	25,000
Interest Expenses	33,750	Interest Income	15,000
Loss from operations on Discontinued Component	1,80,000	Gain on sale of component of Business	2,25,000
Selling Expenses	71,250
Income Tax Expenses	56,250
Goodwill Impairment	1,33,500
Net Profit	2,34,000
TOTAL	8,50,000	TOTAL	8,50,000