Following are income statement data for Allaboutme Corporation for the year ended December 31, 2009. These items are presented in random order.
Cost of Goods Sold.............................................. $720,000
General Expenses................................................. 36,000
Gain on Sale of Machinery................................... 44,000
Income Tax Expense on Income from
Continuing Operations.......................................... ?
Operating Income from
Operations.............................................................. 20,000
Selling Expenses.................................................... 46,000
Extraordinary Loss due to Fire............................... 50,000
Net Sales............................................................... 1,040,000
Loss on Disposal of Discontinued
Operations........................................................... 40,000
Administrative Expenses........................................ 38,000
Allaboutme’s average income tax rate is 40 percent on all taxable income items. Throughout 2009, Allaboutme had 100,000 shares of common stock outstanding.
Required:
Prepare an income statement for Allaboutme Corporation, including an earnings per share section.