Question

In 2017, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. Indicate where each of the following income-related items for this company appears on its 2017 Income statement by selecting the appropriate section in the drop down beside each item. Section 1. income (s) from operating a discontinued segment, or gain (loss) from its disposal Gain on state's condemnation of company property Cost of goods sold 3. Income (oss) from operating a discontinued segment, or gain (los) from its disposal Income taxes ompense Net sales less operating expense section reported on income loss) from continuing operons Gain on sale of wholesale business segment, net of tax Loss from operating wholesale business segment net of tax Loss of assets from meteor strike, net of tax

This are the 4 options

Answer 1

	Section	Item
1	Net sales less operating expense section	Net sales
2	Other unusual and/or infrequent gains (losses)	Gain on state's condemnation of company property
3	Net sales less operating expense section	Cost of goods sold
4	Taxes reported on income (loss) from continuing operations	Income tax expenses
5	Net sales less operating expense section	Depreciation expenses
6	Income (loss) from operating a discontinued segment, or gain (loss) from its disposal	Gain on sale of wholesale business segment, net of tax
7	Income (loss) from operating a discontinued segment, or gain (loss) from its disposal	Loss from operating wholesale business segment, net of tax
8	Other unusual and/or infrequent gains (losses)	Loss of assets from meteor strike