The following accounts have been taken from Poldark Corporation's general ledger as of December 31,2017.All data are shown before tax.The income tax rate is 35%.
$$\begin{array} { l l }
\text { Sales revenue } & \$ 950,000 \
\text { Interest revenue } & 10,000 \
\text { Interest expense } & 8 , 0 0 0 \
\text { Gain on sale of equipment } & 22,000 \
\text { Cost of goods sold } & 685,000 \
\text { Operating expenses } & 265,000
\end{array}$$ Prepare a single-step income statement for the year ended December 31,2017.Omit earnings per share.

Question

The following accounts have been taken from Poldark Corporation's general ledger as of December 31,2017.All data are shown before tax.The income tax rate is 35%.
 $$\begin{array} { l l } 
\text { Sales revenue } & \$ 950,000 \
\text { Interest revenue } & 10,000 \
\text { Interest expense } &  8 , 0 0 0  \
\text { Gain on sale of equipment } & 22,000 \
\text { Cost of goods sold } & 685,000 \
\text { Operating expenses } & 265,000
\end{array}$$ Prepare a single-step income statement for the year ended December 31,2017.Omit earnings per share.

Quizplus · Accepted Answer

The Answer of The following accounts have been taken from Poldark Corporation's general ledger as of December 31,2017.All data are shown before tax.The income tax rate is 35%.
 $$\begin{array} { l l } 
\text { Sales revenue } & \$ 950,000 \
\text { Interest revenue } & 10,000 \
\text { Interest expense } &  8 , 0 0 0  \
\text { Gain on sale of equipment } & 22,000 \
\text { Cost of goods sold } & 685,000 \
\text { Operating expenses } & 265,000
\end{array}$$ Prepare a single-step income statement for the year ended December 31,2017.Omit earnings per share.

The Following Accounts Have Been Taken from Poldark Corporation's General