The following data relate to the operations of Delicious, Inc., during 2015. Continuing operations: Net sales $37,400,000 Costs and expenses (including applicable income tax) 21,500,000 Other data: Operating income during 2015 on segment of the business Discontinued near year-end 205,000 Loss on disposal of discontinued segment (net of income tax benefit 510,000 Extraordinary loss (net of income tax benefit) 930,000 Prior period adjustment (increase in 2014 amortization expense, net of income tax benefit 310,000 Cash dividend declared 2,000,000
The following data relate to the operations of Delicious, Inc., during 2015. Continuing operations: Net sales $37,400,000 Costs and expenses (including applicable income tax) 21,500,000 Other data: Operating income during 2015 on segment of the business Discontinued near year-end 205,000 Loss on disposal of discontinued segment (net of income tax benefit 510,000 Extraordinary loss (net of income tax benefit) 930,000 Prior period adjustment (increase in 2014 amortization expense, net of income tax benefit 310,000 Cash dividend declared 2,000,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 2P
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Question
- The following data relate to the operations of Delicious, Inc., during 2015.
|
Continuing operations: |
|
|
Net sales |
$37,400,000 |
|
Costs and expenses (including applicable income tax) |
21,500,000 |
|
Other data: |
|
|
Operating income during 2015 on segment of the business Discontinued near year-end |
205,000 |
|
Loss on disposal of discontinued segment (net of income tax benefit |
510,000 |
|
Extraordinary loss (net of income tax benefit) |
930,000 |
|
Prior period adjustment (increase in 2014 amortization expense, net of income tax benefit |
310,000 |
|
Cash dividend declared |
2,000,000 |
a)Prepare a condensed income statement for 2015
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