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Problem - Assume that betty's better bandana's chief financial officer provided the following information: net sales, $1,230,000; cost of goods sold, $720,300; extraordinary gain (net of income taxes of $1500), $6,500; Loss on disposal of discontinued operations (net of income tax benefit of $7,000), $22,000); selling expenses, $25,000; income taxes expense on continuing operations, $170,000. From this information, prepare the company's income statement for the year ended June 30, 2011. Ignore earnings per share information.
What is the total net income?
a. $63,000
b. $255,200
c. $276,700
d. $509,700
e. $-28,000
What is the gross margin for Betty's Better Bandanas?
b. $276,700
c. $-28,000
d. $255,200
e. $509,700
What is the total income from continuing operations?
a. $255,200
b. $509,700
d. $-28,000
e. $63,000
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