Question

The following information has been provided by Miller Company: Advertising expense $19,800 Interest expense $7,400 Rent expense for store $24,000 Loss on sale of property and equipment $11,400 Cost of goods sold $42,600 Depreciation expense $14,200 Prepaid insurance $2,000 What is the amount included in the Other Items section of Miller's income statement?

Answer 1

To find the amount included in the Other Items section of Miller's income statement, we need to add up all the expenses and losses that are not related to advertising, interest, rent, cost of goods sold, depreciation, and prepaid insurance. These expenses and losses fall under the category of "Other Expenses" or "Other Items" in the income statement.

From the given information, the expenses and losses that are not included in the above categories are:

- Loss on sale of property and equipment = $11,400

Therefore, the amount included in the Other Items section of Miller's income statement is $11,400.

Explanation: