Crookmonty Inc. has the following account balances as at November 30, 2015, its year- end (all numbers are before tax):

Crookmonty Inc. pays income taxes at a rate of 28%. It has no outstanding preferred shares.
Prepare an income statement for Crookmonty Inc. for the year ended November 30, 2015, including earnings per share.

Transcribed Image Text:

$ 36.000 178,000 Effect of change in accounting policy Selling and administration expenses Net sales 3,562,780 Gain on sale of land 78,000 Interest expense Cost of goods sold Income taxes expense 14,000 1,652,000 Losses due to tornado damage Error discovered in 2013 financial statements 42,000 (revenue recorded incorrectly as unearned revenue) Interest revenue Gain on discontinued operations Weighted average number of common shares 48.000 3,600 54,000 236.000