Truko, Inc

question 117

Essay

Truko, Inc. provided the following partial trial balance for the current year. Prepare a multi-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
$$\begin{array} { l r r } \text { Accounts } & \text { Debit } & \text { Credit } \\\text { Dividends } & \$ 2,460 & \\\text { Sales } & & \$ 225,400 \\\text { Dividend Income } & & 3,830 \\\text { Interest Income } & & 1,450 \\\text { Gain on Disposal of Plant Assets } & & 14,810 \\\text { Unrealized Gain on Trading Investments } & & 7,270 \\\text { Cost of Goods Sold } & 90,100 & \\\text { Office Supplies Expense - General Expense } & 4,500 & \\\text { Sales Salaries Expense } & 8,390 & \\\text { Selling Expenses } & 11,210 & \\\text { Accounting and Legal Fees - General Expense } & 2,400 & \\\text { Advertising Expense } & 6,660 & \\\text { Office Salaries Expense-Admin. Expense } & 21,480 & \\\text { Depreciation Expense-General Expense } & 18,600 & \\\text { Interest Expense } & 2,570 & \\\text { Loss on Asset Impairment } & 1,840 &\end{array}$$

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Definitions:

Omaha Platform

The political agenda adopted by the Populist Party in the United States in 1892, focusing on issues like the direct election of Senators and currency reform.

Terra Nullius

A legal doctrine that justified the annexation of land on the basis it was "owned by no one," notably used by European settlers in places like Australia.

Disproportionate

Lacking in proportion, balance, or equivalence, often used to describe uneven or unfair distribution of resources, representation, or opportunities.

Establishment

An influential social or political group or institution, often considered part of the mainstream power structure, holding significant sway in societal decisions and norms.