Accounting - INCOME STATEMENT?

Acute Surfer Inc. produces and distributes equipment for sailboats. The following data is for the current fiscal year ended June 30, 2008. There were 20,000 shares of $150 par common stock outstanding throughout the year.



104,000 -- Administrative Expense

467,500 -- Cost of Merchandise Sold

58,000 -- Gain on the condemtion of land (extra ordinary Item)

23,200 -- Income Tax applicable to gain on condemantion of land

32,000 -- Income reduction applicable to loss from a discontinued operations

93,200 -- Income tax applicable to income from continuing operations

80,000 -- loss on dicontinued operations

120,000 -- loss from fixed asset impairment

50,000 -- restructuring charge

1,100,000 -- sales

125,500 -- selling expenses



Ignore any negative signs. For example -12,000 would be entered as 12,000. Round EPS computations to two decimal places. For example: 7.569 would be entered as 7.57 and 4 would be entered as 4.00.





Gross profit $

Income from continuing operations before income tax $

Income from continuing operations $

Loss on discontinued operations, net of applicable tax $

Income before extraordinary item $

Extraordinary item, net of applicable tax $

Net income $

Earnings per common share:

Income from continuing operations $

Loss on discounted operations $

Income before extraordinary item $

Extraordinary item $

Net incomeAccounting - INCOME STATEMENT?
Here's my best shot:



sales 1,100,000

Cost of Merchandise Sold (467,500)

Gross profit $632,500

Administrative Expense (104,000)

selling expenses (125,500)

loss from fixed asset impairment (120,000)

restructuring charge (50,000)

Income from continuing operations before income tax $233,000

Income tax applicable to income from continuing operations (93,200)

Income from continuing operations $139,800

Loss on discontinued operations, net of applicable tax ($48,000)

Income before extraordinary item $91,800

Extraordinary item, net of applicable tax $34,800

Net income $126,600

Earnings per common share:

Income from continuing operations $6.99

Loss on discontinued operations $2.40

Income before extraordinary item $4.59

Extraordinary item $1.74

Net income $6.33