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Prepare Chang income statement

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Question - Chang Company reported the following for the year ended December 31, 2018:

Gross sales revenue $750,000

Sales returns $ 30,000

Cost of goods sold $250,000

Selling and administrative expenses $100,000

Gain on disposal of the battery division; considered a discontinued operation $20,000

Loss from operations of the battery division $60,000

Interest expense $40,000

Gain on the sale of a fixed asset $10,000

Assume Chang's income tax rate was 20% on all items. Also assume Chang had 140,000 shares of common stock outstanding throughout 2018.

Required -

Prepare Chang's income statement in good form for the year ended December 31, 2018. Round any earnings per share figures to the nearest penny. The definition of "good form" includes, but is not limited to, showing $ signs when appropriate, showing underlines when appropriate, and showing double underlines when appropriate.

Prepare Chang's income statement as specified in the instructions.

Reference no: EM132640505

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