Question: Assume that Hugo Corporation s chief financial officer gave you the
Assume that Hugo Corporation’s chief financial officer gave you the following information: net sales, $950,000; cost of goods sold, $525,000; gain on sale of equipment, $6,250; loss from discontinued operations (net of income tax benefit of $15,000), $25,000; loss on disposal of discontinued operations (net of income tax benefit of $6,500), $17,500; selling expenses, $25,000; administrative expenses, $40,000; income taxes expense on continuing operations, $150,000. From this information, prepare the company’s income statement for the year ended June 30, 2011. (Ignore earnings per share information.)
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