Truko, Inc. provided the following partial trial balance for the current year. Prepare a single-step income statement for the year ended December 31. Truko is subject to a 40% income tax rate.
Truko Inc.
Partial Trial Balance (Selected Accounts)
For the Year Ended December 31
$$\begin{array} { l r r }
\text { Accounts } & \text { Debit } & \text { Credit } \
\text { Dividends } & \$ 2,460 & \
\text { Sales } & & \$ 225,400 \
\text { Dividend Income } & & 3,830 \
\text { Interest Income } & & 1,450 \
\text { Gain on Disposal of Plant Assets } & & 14,810 \
\text { Unrealized Gain on Trading Investments } & & 7,270 \
\text { Cost of Goods Sold } & 90,100 & \
\text { Office Supplies Expense } & 4,500 & \
\text { Sales Salaries Expense } & 8,390 & \
\text { Selling Expenses } & 11,210 & \
\text { Accounting and Legal Fees - General Expense } & 2,400 & \
\text { Advertising Expense } & 6,660 & \
\text { Office Salaries Expense } & 21,480 & \
\text { Depreciation Expense-General Expense } & 18,600 & \
\text { Interest Expense } & 2,570 & \
\text { Loss on Asset Impairment } & 1,840
\end{array}$$

Question

Truko, Inc. provided the following partial trial balance for the current year. Prepare a single-step income statement for the year ended December 31. Truko is subject to a 40% income tax rate.
Truko Inc.
Partial Trial Balance (Selected Accounts)
For the Year Ended December 31
 $$\begin{array} { l r r } 
\text { Accounts } & \text { Debit } & \text { Credit } \
\text { Dividends } & \$ 2,460 & \
\text { Sales } & & \$ 225,400 \
\text { Dividend Income } & & 3,830 \
\text { Interest Income } & & 1,450 \
\text { Gain on Disposal of Plant Assets } & & 14,810 \
\text { Unrealized Gain on Trading Investments } & & 7,270 \
\text { Cost of Goods Sold } & 90,100 & \
\text { Office Supplies Expense } & 4,500 & \
\text { Sales Salaries Expense } & 8,390 & \
\text { Selling Expenses } & 11,210 & \
\text { Accounting and Legal Fees - General Expense } & 2,400 & \
\text { Advertising Expense } & 6,660 & \
\text { Office Salaries Expense } & 21,480 & \
\text { Depreciation Expense-General Expense } & 18,600 & \
\text { Interest Expense } & 2,570 & \
\text { Loss on Asset Impairment } & 1,840
\end{array}$$

Quizplus · Accepted Answer

The Answer of Truko, Inc. provided the following partial trial balance for the current year. Prepare a single-step income statement for the year ended December 31. Truko is subject to a 40% income tax rate.
Truko Inc.
Partial Trial Balance (Selected Accounts)
For the Year Ended December 31
 $$\begin{array} { l r r } 
\text { Accounts } & \text { Debit } & \text { Credit } \
\text { Dividends } & \$ 2,460 & \
\text { Sales } & & \$ 225,400 \
\text { Dividend Income } & & 3,830 \
\text { Interest Income } & & 1,450 \
\text { Gain on Disposal of Plant Assets } & & 14,810 \
\text { Unrealized Gain on Trading Investments } & & 7,270 \
\text { Cost of Goods Sold } & 90,100 & \
\text { Office Supplies Expense } & 4,500 & \
\text { Sales Salaries Expense } & 8,390 & \
\text { Selling Expenses } & 11,210 & \
\text { Accounting and Legal Fees - General Expense } & 2,400 & \
\text { Advertising Expense } & 6,660 & \
\text { Office Salaries Expense } & 21,480 & \
\text { Depreciation Expense-General Expense } & 18,600 & \
\text { Interest Expense } & 2,570 & \
\text { Loss on Asset Impairment } & 1,840
\end{array}$$