prepare multistep income statement
operating expenses
operating expenses --Selling Expenses ----(95000) --Adminstrative expenses (70,000)-------------(165,000) ----Income from Operations=-------------------523000
Earnings per share
--Income from continuing operations--------$1.21 --Loss from operations in disc ope-----------(0.64) --Gain from sale of land in disc com --------0.80
sales revenue
-sales returns -----------------------------------------1950000 -sales returns and allowences-------------------------(50,000) -sales discounts---------------------------------------(12,000) ----Net sales= 1888000
Net Income
1.37
Net income
410,400
Cost of Goods sold
COGS- ---------------------(1200000) = --Gross Proft-----------688,000
Other revenues and gains
Dividend Rev ------30,0000 Interest Rev------20,000= ------------50000
other expenses and losses
Intrest expenses---------(45000) Write-off goodwill due (75000) =-------------(120,000)
TITTLE
Mcdonald corporation income statement for the year ending december 31 2017
Discontunied operations
disc operations Loss from operarions in disc comp business ---(net of tax = 240,000x 20%= 48000)-------(192,000) Gain from sale of land in disc comp ---(net of tax = 300,000x20%=60,000)-------240,000-----= 48000
Income before income tax
income before income tax ------------------453000 ----income tax ------------------------------(90600) -----INcome from continuing operations ---= 362400
