Truko, Inc. provided the following partial-trial balance for the current year. Prepare a single-step income statement for the year ended December 31. Truko is subject to a 40% income tax rate

Trucko Inc.
Partial Trial Balance (Selected Accounts)
For the Year Ended December 31

Accounts
Debit
Credit
Dividends
$2,460

Sales

$225,400
Dividend Income

3,830
Interest Income

1,450
Gain on Disposal of Plant Assets

14,810
Unrealized Gain on Trading Investments

7,270
Cost of Goods Sold
90,100

Office Supplies Expense
4,500

Sales Salaries Expense
8,390

Selling Expenses
11,210

Accounting and Legal Fees—General Expense
2,400

Advertising Expense
6,660

Office Salaries Expense
21,480

Depreciation Expense—General Expense
18,600

Interest Expense
2,570

Loss on Asset Impairment
1,840

What will be an ideal response?

Answer: Truko, Inc.
Single-Step Income Statement
For the year ended December 31

Revenue and Gains
Sales 225,400
Interest Income 1,450
Dividend Income 3,830
Gain on Disposal of Plant Assets 14,810
Unrealized Gain on Trading Investments 7,270
Total Revenues and Gains 252,760

Expenses and Losses
Cost of Goods Sold 90,100
Selling Expenses 11,210
Advertising Expense 6,660
Sales Salaries Expense 8,390
Office Salaries Expense 21,380
Office Supplies Expense 4,500
Accounting and Legal Fees 2,400
Depreciation Expense 18,600
Interest Expense 2,570
Loss on on Asset Impairment 1,840
Income Tax Expense (252,760 -167,650) × 40% 34,044
Total Expenses and Losses 201,754
Net Income 51,066