Hw Score: 0 of 3 pts E17A-25 (similar to) Cix Photographic Supplies, Inc\'s acco

Question

Hw Score: 0 of 3 pts E17A-25 (similar to) Cix Photographic Supplies, Inc's accounting records include the following for 2016 (Qick the icon to view the data) Prepare Cix's mult-step income statement for 2016. Omit eamings per share. (Use parentheses or a minus sign for amounts decreasing the income from continuing operations or income before extraordinary tems) ?Data Table Income Statement Year Ended December 31, 2016 Net Sales Cost of Goods Sold Gross Prof 60.000 Operaling Expenses 90000income Tax Saving Loss on Discontinued Operations 14400 Including inoome Tax) 100,000 100000 230,000 5,000 Cost of Goods Bold 6,000 Extraordinary Loss of $14,400 Before Extraordinary Items Print Done of $6,000) Net Income

Explanation / Answer

Income Statement:

Gross Profit = Sales - Cost of Goods Sold

Operating Expenses are deducted from Gross profit

Loss on Discontinued Operations = 36,000

Tax Saved on Loss = 14,400

Net Loss from discontinued Operations = 21,600

Loss from extraordinary Activities = 15,000

Income tax saving = 6000

Net Loss = 9000

Net Sales 560,000 COGS 230,000 GP 330,000 Operating Exp (Incl. Tax) 100,000 Income from Continuing Operations 230,000 Discontinued Operations -21,600 Income before Extraordinary Items 208,400 Extraordinary Item -9000 Net Income 199,400

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