Due date: see the announcement on D2L Name: .
* This assignment accounts for 3 extra points. Overdue assignment will not be accepted. No point will be given when proper work/answer is not provided. Points will be deducted for errors.
Presented below is information related to ColorCity Inc. for year of 2020 (1/1/2020-12/31/2020).
|Selling and administrative expenses||$ 1,114,000|
|Income from operations of discontinued food department (pre-tax)||60,000|
|Loss on disposal of discontinued food department (pre-tax)||120,000|
|Cost of goods sold||1,780,000|
|Retained earnings, 1/1||630,000|
Use the worksheet provided (see page 2) or use a white paper, then
(1) Gross Profit, (2) Income From Operations, (3) Income before tax, (4) Income tax expense, , and (5) Income from continuing operations. Show your work in addition to the answer. Assume a tax rate of 30%.
You can type your work by using WORD or do handwriting. Please make your handwriting clear and neat.
|ACTG 321 Worksheet for PA1 Name:|
|1. Calculate the five amounts/subtotals below.
(1) ; (2) ;(3) ; (4) ;(5) . .
2. Prepare the partial income statement below. Include a proper heading
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