Solution-Prepare the company multi-step income statement

Prepare the company multi-step income statement

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Question - The following list of items was extracted from December 31, 2020, trial balance of Grid Inc.

	Debit	Credit
Accounts payable		8,200.00
Warranty expense	4,000.00
Building	50,000.00
Income tax expense	3,400.00
Warranty payable		1,500.00
Accum. Depreciation - building		21,000.00
Sales		47,000.00
Loss on sale of Division D (net of $1,200 benefit)	18,000.00
Cost of goods sold	31,000.00
Gain on sale of equipment		5,000.00
Gain from operating division D (net of $500 tax)		6,800.00
Depreciation expense	5,600.00
Accounts receivable	12,000.00
Land	33,500.00

Required - Prepare the company's multi-step income statement for 2020 to calculate profit/loss from continuing and discontinued operations. You do not need to complete the earnings per share calculations.

Reference no: EM132818539

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Prepare the company multi-step income statement

Reference no: EM132818539

Reference no: EM132818539

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