the following balances appeared in the general ledger for hacky sak corporation at f 541584
P10-3A. Prepare an income statement. (LO 1)
The following balances appeared in the general ledger for Hacky Sak Corporation at fiscal year end September 30, 2008:
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the following balances appeared in the general ledger for hacky sak corporation at f 541584
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|
Selling and administrative expenses |
$ 2s,000 |
|
Other revenues and gains |
50,000 |
|
Operating expenses |
75,000 |
|
Cost of goods sold |
135,000 |
|
Net sales |
375,000 |
|
Other expenses and losses |
15,000 |
In addition, the following occurred throughout the year.
1. On April 10, a tornado destroyed one of the company’s manufacturing plants resulting in an extraordinary loss of $55,000.
2. On July 31, the company discontinued one of its unprofitable segments. The loss from operations was $25,000. The assets of the segment were sold at a gain of $15,000.
Required
a. Assume Hacky Sak’s income tax rate is 40Vo; prepare the income statement for the year ended September3 0, 2008.
b. Calculate the earnings per share the company would report on the income statement assuming Hacky Sak had a weighted average of 200,000 shares of common stock outstanding during the year and paid preferred dividends of $5,000.
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