(Learning Objective 1: Preparing a complex income statement) Financial Resources,
Inc., reported the following items, listed in no particular order at December 31, 20X7 (in thousands):
|
Other gains (losses) |
$ (2,000) |
Extraordinary gain |
$ 5,000 |
|
Net sales revenue |
182,000 |
Cost of goods sold |
71,000 |
|
Loss on discontinued operations |
15,000 |
Operating expenses |
64,000 |
|
Accounts receivable |
19,000 |
Income tax of 40% applies to all items. Prepare Financial Resources’ income statement for the year ended December 31, 20X7. Omit earnings per share.