Truko, Inc

question 83

Essay

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

---

Definitions:

Pyelonephritis

A type of urinary tract infection that has reached the kidney, potentially causing kidney damage.

Glomerulonephritis

An inflammation of the glomeruli, the small blood vessels in the kidneys, potentially leading to kidney damage and impairing kidney function.

Renal Cortex

is the outer part of the kidney that contains the kidney's filtration structures, known as nephrons, which are crucial for the process of removing waste from the blood and forming urine.

Collecting Ducts

The ducts in the kidneys that are responsible for the final concentration and transport of urine towards the ureters and bladder.