Question: Following are income statement data for Allaboutme Corporation for the

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.



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  • CreatedMarch 27, 2015
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