Preparing a multi step income statement Click Photographic Supplies, Inc.’s accounting records include the following for 2012:
|
Income tax saving—extraordinary loss |
$8,000 |
Sales revenue |
$ 480,000 |
|
Income tax saving—loss |
|
Operating expenses |
|
|
on discontinued operations |
14,000 |
(including income taxes) |
130,000 |
|
Extraordinary loss |
20,000 |
Cost of goods sold |
205,000 |
|
|
|
Loss on discontinued operations |
35,000 |
Requirement
1. Prepare Click’s multi step income statement for 2012. Omit earnings per share.