Below Are the Account Balances for Eccles Corporation as of Its

question 60

Essay

Below are the account balances for Eccles Corporation as of its fiscal year ended April 30,20xx.Prepare a corporate income statement in good form,assuming 5,000 shares of common stock were outstanding during the year.
$\begin{array}{llr} \text {Administrative Expenses } &\$16,000\\ \text { Cost of Goods Sold} &80,000\\ \text { Discontinued Operations } &\\ \text {(1) Income from the Operations of Discontinued Segment (net of taxes, \( \$ 5,000 \) ) } &20,000\\ \text {(2) Loss on Disposal of Segment (net of tax savings, \( \$ 6,000 \) ) } &14,000\\ \text { Extraordinary Loss from Fire (net of tax savings, \( \$ 4,000 \) ) } &6,000\\ \text { Income Taxes Applicable to Continuing Operations } &8,000\\ \text { Sales } &160,000\\ \text { Selling Expenses} &50,000\\\end{array}$