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Prepare a multiple step income statement

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Reference no: EM13506668

Presented below is the pretax information for Aloma Corporation, for the year 2012:

 

Sales

$6,000,000

Cost of goods sold

  2,950,000

Interest revenue

60,000

Loss from abandonment of plant assets

300,000

Selling expenses

600,000

Administrative expenses

440,000

Unusual and infrequent loss from earthquake

90,000

Gain on disposal of a segment of the business.  The corporation will no longer be in that business in the future.

 

290,000

Instructions:

Present all applicable information in a proper format (according to GAAP), to prepare a multiple step income statement. The company has 300,000 shares outstanding and a federal tax rate of 30%. Prepare an EPS section in proper format (round to two decimals). Use the answer sheet provided.

Reference no: EM13506668

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