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15 February, 22:35

Karl Corp.'s trial balance of income statement accounts for the year ended December 31, Year 1, included the following: Debit Credit Sales $80,000 Cost of sales $ 60,000 Administrative expenses 15,000 Loss on sale of equipment 9,000 Commissions to salespersons 10,000 Interest revenue 5,000 Freight-out 3,000 Loss on disposal of a major operating segment 10,000 Bad debt expense 3,000 Totals $110,000 $85,000 Other Information: Karl's income tax rate is 30%. On Karl's income statement for Year 1, the loss on discontinued operations is

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  1. 15 February, 22:39
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    Answer and Explanation:

    $85,000 of revenues - $110,000 + $10,000 of Expenses = $ - 15,000 Loss x 30% Tax ($4500) = $ - 19,500
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