The Following Accounts Are Taken from the Accounting Records of Dory

question 121

Not Answered

The following accounts are taken from the accounting records of Dory Company at December 31, 2013, after adjustments:

In addition, the following information is available: 1In addition, the following information is available:
•The inventory on December 31, 2013, was $75,000.
•Ten thousand shares of common stock were outstanding during the entire year. Dory paid dividends of $1.00 per share.
•At the end of October, Dory sold its unprofitable restaurant component. From January through October, the component had incurred an operating loss (pretax) of $14,000. The sale was made at a loss (pretax) of $8,000.
•In November, the company sold the only land it ever owned for a gain of $10,000.
•The applicable tax rate is 30%.
Required:
Prepare a 2013 multiple-step income statement for the Dory Company.

---

Definitions:

Processing Checks

Involves the procedures and steps taken by banks or financial institutions to verify and complete the transaction of a written check.

Substitute Check

A digital reproduction of a paper check that is legally considered the same as the original for processing and payment purposes.

Original Check

The first print or version of a check before it is copied or electronically presented.

Paid Twice

A situation where an individual or entity receives payment for the same service or goods more than once.