Preparing a corporate income statement RAR Corporation’s accounting records include the following items, listed in no particular order, at December 31, 2012:
|
Other gains (losses) |
$ (15,000) |
Extraordinary loss |
$7,000 |
|
Net sales revenue |
177,000 |
Cost of goods sold |
73,000 |
|
Gain on discontinued operations |
12,000 |
Operating expenses |
55,000 |
|
Accounts receivable |
21,000 |
|
|
Income tax of 30% applies to all items.
Requirement
1. Prepare RAR’s income statement for the year ended December 31, 2012. Omit earnings per share.