Computation of Income from Continuing Operations
Use the following information to compute income from continuing operations. Assume that the income tax rate on all items is 40%.
|
Cost of goods sold |
$ 4,000 |
|
Interest expense |
1,100 |
|
Income (loss) from discontinued operations |
(1,000) |
|
Selling and administrative expense |
1,750 |
|
Extraordinary loss |
(400) |
|
Sales |
10,000 |
|
Dividends |
700 |
|
Loss on sale of discontinued operations |
(200) |