Answer:
XYZ Inc.
Explanation:
XYZ Inc.
Trial Balance as of December 31, 2021:
Debits Credits
Sales revenue 5,900,000
Interest revenue 40,000
Unrealized Loss on
debt investments 160,000
Cost of goods sold 4,400,000
Selling expense 400,000
Restructuring costs 190,000
Income Tax on
Continuing Operations 50,000
Income Tax benefit
on Discontinued Operations 25,000
Interest expense 20,000
General and administrative
expense 300,000
Loss from Discontinued
Operations 100,000
Totals 5,620,000 5,965,000
Single-step Income Statement for the year ended December 31, 2021
Sales revenue 5,900,000
Interest revenue 40,000
Total revenue 5,940,000
Selling expense 400,000
Interest expense 20,000
General and administrative
expense 300,000 720,000
Income Tax on
Continuing Operations 50,000
Net operating income 5,170,000
Statement of Comprehensive Income for the year ended December 31, 2021
Net operating income 5,170,000
Income Tax benefit
on Discontinued Operations 25,000
Unrealized Loss on
debt investments 160,000
Restructuring costs 190,000
Loss from Discontinued
Operations 100,000 (450,000)
Net income $4,745,000
