Solved: N 2016 kim company sold land for 110000 cash operating, Accounting Basics

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N 2016 kim company sold land for 110000 cash operating

Question -

(A) In 2016 Kim Company sold land for $110,000 cash. The land originally cost $44,000. Also Kim sold inventory that had cost $187,000 for $281,000 cash. Operating expenses amounted to $44,000. Prepare a 2016 Multi Step Income statement for Kim Company?

(B) Assume that normal operating activities grow evenly by 21% by 2017. Prepare a 2017 multistep income statement for Kim Company?

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Accounting Basics: N 2016 kim company sold land for 110000 cash operating

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