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Prepare single step income statement for the year

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Reference no: EM132999882

Question - The Data is extracted from the books of Dalda Corporation for the year ending December 31, 2010,

Cost of goods sold $250,000

Net sales 450,000

Other expenses and losses 9,600

Other revenues and gains 5,600

Selling and administrative expenses 1,00,000

Income from operations SBIT 60,000

Loss from disposal of a business division 400,000

Analysis reveals that:

1. All items are before the applicable income tax rate of 40%.

2. The division was sold on July 1.

Required -

a) Prepare single step income statement for the year.

b) Convert the dollar amount of given Income statement into percentage and comment.

Reference no: EM132999882

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