Income Statement
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Below are account balances for a corporation as of its fiscal year ended April 30, 20xx. Prepare a corporate income statement in good form in Microsoft Excel format, assuming 5,000 shares of common stock were outstanding during the year.
Administrative Expenses $16,000
Cost of Goods Sold $80,000
Discontinued Operations
(1) Income from Operations of Discontinued Segment (net of taxes, $5,000) $20,000
(2) Loss on Disposal of Segment (net of tax savings, $6,000) $14,000
Extraordinary Loss from Fire (net of tax savings, $4,000) $6,000
Income Taxes Applicable to Continuing Operations $8,000
Sales $160,000
Selling Expenses $50,000
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The solution explains how to prepare an income statement in good form
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