Barkin Corporation's accounting records include the following items for the year ending December 31,2017:
$$\begin{array} { l l l }
\text { Gain on Sale of Equipment } & \$ 12,000 & \text { Gain on } \
\text { Discontinued Operations } & \$ 75,000 & \
\text { Loss on Disposal of Equipment } & 5,000 & \text { Extraordinary } \
\text { Loss } & 15,000 & \
\text { Net Sales } & 650,000 & \text { Cost of Coods } \
\text { Sold } & 285,000 & \
&\text {Operating Expenses}&120,000
\end{array}$$ The income tax rate for the company is 25%.Prepare Barkin's income statement for the year ended December 31,2017.Omit earnings per share.

Question

Barkin Corporation's accounting records include the following items for the year ending December 31,2017:
 $$\begin{array} { l l l } 
\text { Gain on Sale of Equipment } & \$ 12,000 & \text { Gain on } \
\text { Discontinued Operations } & \$ 75,000 & \
\text { Loss on Disposal of Equipment } & 5,000 & \text { Extraordinary } \
\text { Loss } & 15,000 & \
\text { Net Sales } & 650,000 & \text { Cost of Coods } \
\text { Sold } & 285,000 & \
&\text {Operating Expenses}&120,000
\end{array}$$ The income tax rate for the company is 25%.Prepare Barkin's income statement for the year ended December 31,2017.Omit earnings per share.

Quizplus · Accepted Answer

The Answer of Barkin Corporation's accounting records include the following items for the year ending December 31,2017:
 $$\begin{array} { l l l } 
\text { Gain on Sale of Equipment } & \$ 12,000 & \text { Gain on } \
\text { Discontinued Operations } & \$ 75,000 & \
\text { Loss on Disposal of Equipment } & 5,000 & \text { Extraordinary } \
\text { Loss } & 15,000 & \
\text { Net Sales } & 650,000 & \text { Cost of Coods } \
\text { Sold } & 285,000 & \
&\text {Operating Expenses}&120,000
\end{array}$$ The income tax rate for the company is 25%.Prepare Barkin's income statement for the year ended December 31,2017.Omit earnings per share.

Barkin Corporation's Accounting Records Include the Following Items for the Year