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Unformatted text preview: Rob had this income statement for the year ended December 31, Year 2: Rob Company Income Statement For the Year Ending December 31, Year 2 Sales Revenues $1,410 Gain on Sale of Investment 320 $1,730 Expenses and Loss: Salaries 840 Rent 440 Supplies 100 Interest 30 Depreciation 140 Taxes 50 Loss on Sale of PPE 60-1,660 Net Income $70 1 [Continued from the previous page.] Statement of Cash Flows (continued): [103QX250] Additional Information: 1. The firm sold Investments for $780. 2. The firm paid $130 cash when buying Equipment costing $450. The remainder was financed with a Note Payable. 3. The firm sold PPE for $60 less than its carrying value on the date of sale. 2...
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- Balance Sheet, Generally Accepted Accounting Principles, rob, Rob Company