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.
Truko Inc.
Partial Trial Balance (Selected Accounts)
For the Year Ended December 31
Accounts Dividends Sales Dividend Income Interest Income Gain on Disposal of Plant Assets Unrealized Gain on Trading Investments Cost of Goods Sold Office Supplies Expense Sales Salaries Expense Selling Expenses Accounting and Legal Fees - General Expense Advertising Expense Office Salaries Expense Depreciation Expense-General Expense Interest Expense Loss on Asset Impairment Debit $2,46090,1004,5008,39011,2102,4006,66021,48018,6002,5701,840 Credit $225,4003,8301,45014,8107,270
Definitions:
Persistence
The continuous effort to do or achieve something despite difficulties, failure, or opposition.
Work-related Behaviour
Refers to actions and attitudes of employees directly relevant to the tasks and goals of their employment.
Motivation
The method that begins, directs, and sustains actions aimed at achieving objectives.
Goals
Objectives or desired results that an individual, group, or organization aims to achieve within a specific timeframe.