The following selected account balances were taken from thetrial balance of Dallas Corporation as...

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Accounting

The following selected account balances were taken from thetrial balance of Dallas Corporation as ofJune 30, 2018. All accounts have normal balances.
Sales                                                                     $1,678,500
SalesDiscounts                                                           31,150
CommonStock                                                      1,300,000
Salaries Expense –Sales                                            61,110
Depreciation Expense – OfficeFurniture                     7,250
Equipment                                                                880,360
Travel Expense –Sales                                              28,930
Freight-Out (DeliveryCosts)                                      21,400
Depreciation Expense – SalesEquipment                    4,980
Retained Earnings, July 1,2017                            2,450,000
Utilities Expense –Office                                            9,130
Wage Expense –Office                                            136,700
InterestExpense                                                         18,990
Miscellaneous Expense --Office                                 6,000
DividendRevenue                                                      38,000
Allowance for DoubtfulAccounts                             45,000
Cost of GoodsSold                                                1,043,845
Additional Information:
In March, 2018, the corporation discontinued the operations ofits publishing division (a major component of its business). Duringthe current fiscal year, the publishing division had an operatingloss of $110,000 and its assets were sold at a gain of$890,400.
The corporation had a $20,000 loss on the sale of amanufacturing facility (not related to the discontinued publishingdivision).
The tax rate which applies to all items is 30%.
There were 80,000 shares of common stock outstanding throughoutthe year.
Instructions: On the next two pages,fill in the yellow highlighted spaces to complete the multiple-stepincome statement for Dallas Corporation for the year ended June 30,2018.

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3.7 Ratings (631 Votes)

Please note that operating profit does not include operating loss of discounting of division Dallas corporation Income statement For the year ended June 30 2018 Sales 1678500 Less Sales Discounts 31150 Less sales return Net sales 164735000 Less cost of goods sold See Answer

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In: AccountingThe following selected account balances were taken from thetrial balance of Dallas Corporation as of...The following selected account balances were taken from thetrial balance of Dallas Corporation as ofJune 30, 2018. All accounts have normal balances.Sales $1,678,500SalesDiscounts 31,150CommonStock 1,300,000Salaries Expense –Sales 61,110Depreciation Expense – OfficeFurniture 7,250Equipment 880,360Travel Expense –Sales 28,930Freight-Out (DeliveryCosts) 21,400Depreciation Expense – SalesEquipment 4,980Retained Earnings, July 1,2017 2,450,000Utilities Expense –Office 9,130Wage Expense –Office 136,700InterestExpense 18,990Miscellaneous Expense --Office 6,000DividendRevenue 38,000Allowance for DoubtfulAccounts 45,000Cost of GoodsSold 1,043,845Additional Information:In March, 2018, the corporation discontinued the operations ofits publishing division (a major component of its business). Duringthe current fiscal year, the publishing division had an operatingloss of $110,000 and its assets were sold at a gain of$890,400.The corporation had a $20,000 loss on the sale of amanufacturing facility (not related to the discontinued publishingdivision).The tax rate which applies to all items is 30%.There were 80,000 shares of common stock outstanding throughoutthe year.Instructions: On the next two pages,fill in the yellow highlighted spaces to complete the multiple-stepincome statement for Dallas Corporation for the year ended June 30,2018.