Simons corp has unadjusted net income from continuing

Reference no: EM13592816

Simons Corp has unadjusted net income from continuing operations before tax of $168,000 before the following items were entered in the accounting records in 2013:

1. Unrealized gains on an avilable-for-sale investment portfolio of $34,500
2. A loss from an earthquake of $450,000 and gain from insurance proceeds of $250,000. Siimons has never suffered an earthquake before and it is not located on a faultline.
3. A loss from a discontinued depratment of $165,000 and a gain of $70,000 from selling the department.
4. Restructuring costs of $45,000.
5. Depreciation of $50,000 and amortization of $30,000.
6. A realized gain of $82,000 from securites sold out of the investment account.

Please prepare an income statement with a proper heading starting with income from continuing operations for Simons in 2013. There tax rate is 30%.

Reference no: EM13592816

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