The Following Accounts Have Been Taken from Buxton Corporation's General

question 12

Essay

The following accounts have been taken from Buxton Corporation's general ledger as of December 31,2017.All data are shown before tax.The income tax rate is 40%.
$$\begin{array} { l l } \text { Sales revenue } & \$ 206,000 \\\text { Interest revenue } & 13,000 \\\text { Interest expense } & 7,000 \\\text { Cain on sale of equipment } & 19,000 \\\text { Cost of goods sold } & 99,000 \\\text { Operating expenses } & 46,000 \\\text { Loss on discontinued operations } & 20,000\end{array}$$ Prepare a single-step income statement for the year ended December 31,2017.Omit earnings per share.

---

Definitions:

Robert's Rules

A set of guidelines for conduct at meetings that allows for orderly and fair proceedings.

Parliamentary Proceedings

The formal actions and deliberations that take place within a parliamentary system of government.

Networking

The act of interacting with others to exchange information and develop professional or social contacts.

Socializing

The process of interacting with others to build relationships, learn social norms, and integrate into social groups.