Question

Prepare an income statement using the following data for New Orleans Adventures for the year ended...

Prepare an income statement using the following data for New Orleans Adventures for the year ended December 31:

Sales

$24,500,000
Cost of goods sold

10,900,000
Operating expenses

6,300,000
Income tax expense

500,000
Loss on discontinued operations

100,000
Business   Accounting   
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Answer #1
NEW ORLEANS ADVENTURE
Statement of comprehensive income
For the Years ended Dec 31
Sales     2,45,00,000
Less Cost of goods sold     1,09,00,000
Gross Profit     1,36,00,000
Less Operating expenses        63,00,000
Income from continuing operations before taxes        73,00,000
Less Income taxes          5,00,000
Income from continuing operations        68,00,000
Less Loss from discontinued operations          1,00,000
Net Income        67,00,000
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