Question:
In Baer Food Co.’s 2013 single-step income statement, the section titled “Revenues” consisted of the
following:
Answer:
a. In a single-step income statement, revenues include sales as well as other revenues and gains.
Sales revenue $187,000
Interest revenue 10,200
Gain on sale of equipment 4,700
Total $201,900
The discontinued operations and the extraordinary gain are reported below income from continuing
operations
In Baer Food Co.’s 2013 single-step income statement, the section titled “Revenues” consisted of the
following:
Answer:
a. In a single-step income statement, revenues include sales as well as other revenues and gains.
Sales revenue $187,000
Interest revenue 10,200
Gain on sale of equipment 4,700
Total $201,900
The discontinued operations and the extraordinary gain are reported below income from continuing
operations
