Question: Assume that Stream Toy Corporation s chief financial officer gave you
Assume that Stream Toy Corporation’s chief financial officer gave you the following information: net sales, $3,800,000; cost of goods sold, $2,100,000; extraordinary gain (net of income taxes of $7,000), $25,000; loss from discontinued operations (net of income tax benefit of $60,000), $100,000; loss on disposal of discontinued operations (net of income tax benefit of $26,000), $70,000; selling expenses, $100,000; administrative expenses, $80,000; income taxes expense on continuing operations, $600,000. Prepare the company’s income statement for the year ended June 30, 2014. (Ignore earnings per share information.)
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