Baggow Styles Provided the Following Partial Trial Balance for the Current

question 38

Essay

Baggow Styles provided the following partial trial balance for the current year. Beginning with the line item Income from Operations, prepare a statement of net income for the year ended December 31. Baggow is subject to a 40% income tax rate.
Baggow Styles
Partial Trial Balance (Selected Accounts)
For the Year Ended December 31
Accounts Debit Credit
Income from Operations $567,000
Interest Income 12,870
Gain from Discontinued Operations 44,700
Gain on Sale of Land 19,560
Unrealized Gain on Available-for-Sale Debt Investments 41,920
Accumulated Depreciation on Assets from
Discontinued Operations 23,630
Loss on Pension Adjustment $29,510
Loss on Disposal of Discontinued Operations 13,440
Amortization of Intangible Asset 19,280
Unrealized Loss on Trading Investments 62,050

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Definitions:

Vocational Education

A program of study that prepares individuals for specific trades, crafts, and careers at various levels from a trade, a craft, technicians, or a professional position in engineering, accountancy, nursing, medicine, and other healing arts, architecture, pharmacy, law etc.

Tuskegee Institute

A historically black college in Alabama established by Booker T. Washington to provide African Americans with educational and vocational training.

Vocational Education

Educational training that provides practical experience and skills for a specific occupation or trade.