Extraordinary gain or loss
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Garber Corp.'s trial balance of income statement accounts for the
year ended December 31, 2001 included the following:
Debit Credit
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Sales $280,000
Cost of sales $120,000
Administrative expenses 50,000
Loss on sale of equipment 18,000
Commissions to salespersons 20,000
Interest revenue 5,000
Freight-out 6,000
Loss due to fire damage 30,000
Bad debt expense 6,000
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Totals $250,000 $290,000
Other information:
Garber's income tax rate is 30%.
Finished goods inventory:
January 1, 2001 $160,000
December 31, 2001 140,000
Found out what the income is before extraordinary item for Garber Corp. (show your work).
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