The ledger of mesa corporation at december 31st of current

Assignment Help Financial Accounting

Reference no: EM13376676

The ledger of Mesa Corporation at December 31st of current year contains:

Net Sales - 1,500,000
Cost of goods sold - 800,000
Selling Expenses - 110,000
Admin Expenses - 140,000
Other revenue & gains - 40,000
interest expense - 30,000

The following data was not included:

1. Entire Ceramics division was discontinued at the beginning of the year and was sold in march at a loss of 60,000(before income tax)

2. On july 12, a fire occurred in one plant that resulted in a very large loss of 190,000(before income taxes)

3. On May 15, company property was condemned for and interstate highway. The settlement resulted in a before-tax gain of 90,000

4. The income tax rate for all items was 30%

Prepare an income statement as of December 31st using proper format.

Reference no: EM13376676

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