Atlantic Airlines operated both an airline and several motels located near airpo

Question

Atlantic Airlines operated both an airline and several motels located near airports. During the year just ended, all motel operations were discontinued and the following operating results were reported:

Continuing operations(airline):

Net Sales $57,000,000

Costs and expenses (including income taxes on continuing operations) $43,300,000

Other data:

Operating income from motels (net of income tax) $820,000

Gain on sale of motels (net of income tax) $4,956,000

Extraordinary loss (net of income tax benefit) $3,360,000

The extraordinary loss resulted from the destruction of an airliner by an earthquake. Atlantic Airlines had 1,000,000 shares of capital stock outstanding throughout the year.

Explanation / Answer

What to calculate??

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.