(Learning Objective 1: Preparing and using a complex income statement) Outback
Cycles, Inc., reported a number of special items on its income statement. The following data, listed in no particular order, came from Outback’s financial statements (amounts in thousands):
|
Income tax expense (saving): |
Net sales |
13 |
|
|
Continuing operations |
$610 |
Foreign currency translation adjustment |
$13,800 |
|
Discontinued operations |
50 |
Extraordinary loss |
360 |
|
Extraordinary loss |
(3) |
Income from discontinued operations |
270 |
|
Unrealized gain on available for sale investments |
40 |
Dividends declared and paid |
680 |
|
Short term investments |
35 |
Total operating expenses |
12,250 |
Required
Show how the Outback Cycles, Inc., income statement for the year ended September 30, 20X8 should appear. Omit earnings per share.