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In 2017, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets, taking...

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Accounting

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In 2017, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows: Item Debit Credit 1. Net sales $2,940,000 2. Gain on state's condemnation of company property, net of tax 233,000 3. Cost of goods sold $1,500,414 4. Income taxes expense 210,000 5. Depreciation expense 240,000 6. Gain on sale of wholesale business segment, net of tax 782,500 7. Loss from operating wholesale business segment, net of tax 475,000 8. Loss of assets from meteor strike, net of tax 666,000 25 Prepare the income statement for calendar year 2017. (Loss amounts should be indicated with a minus sign.) RANDA MERCHANDISING, INC. Income Statement For Year Ended December 31, 2017 Net sales Expenses Total operating expenses 0 0 Other unusual and/or infrequent gains (losses) Iepur LICHICINE SLUCITICILIUI LUICHUI CUI LUI. ILS UITLORIVUIL WEICOU WILL FRIUS RANDA MERCHANDISING, INC. Income Statement For Year Ended December 31, 2017 Net sales Expenses: Total operating expenses 0 0 O Other unusual and/or infrequent gains (losses) 0 0 Discontinued segment: 0 $ 0

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