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Prepare a Single-Step Income Statement Using the Following Data for Leila

Question 149

Essay

Prepare a single-step income statement using the following data for Leila Inc. for the year ended December 31, 2021.
 Sales revenue $210,000 Rental revenue 35,000 Distribution expense 23,000 Cost of goods sold 120,000 General and administrative expense 25,000 Depreciation expense 20,000 Interest expense 5,000 Income taxexpense ( 20% rate on all items)  Gain on sale of building 15,000 Loss from fire damage 40,000\begin{array}{l|r}\hline \text { Sales revenue } & \$ 210,000 \\\hline \text { Rental revenue } & 35,000 \\\hline \text { Distribution expense } & 23,000 \\\hline \text { Cost of goods sold } & 120,000 \\\hline \text { General and administrative expense } & 25,000 \\\hline \text { Depreciation expense } & 20,000 \\\hline \text { Interest expense } & 5,000 \\\hline \text { Income taxexpense ( } 20 \% \text { rate on all items) } & \\\hline \text { Gain on sale of building } & 15,000 \\\hline \text { Loss from fire damage } & 40,000\end{array}

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