Prepare an Income Statement Using the Following Data for New

question 123

Essay

Prepare an income statement using the following data for New Orleans Adventures for the year ended December 31: $$\begin{array} { l l } \text { Sales } & \$ 24,500,000 \\\text { Cost of merchandise sold } & 10,900,000 \\\text { Operating expenses } & 6,300,000 \\\text { Losses from asset impairment } & 2,800,000 \\\text { Income tax expense } & 500,000 \\\text { Loss on discontinued operations } & 100,000 \\\text { Net loss on extraordinary item } & 125,000\end{array}$$

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