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The following data include all the elements from Cambridge Company income statement: *Administrative Expense $867 *Cost of Goods Sold 3622 * Gain on Sale of Securities 623 *Income Tax Expense 1,234 Loss on Discontinued Operations (net 1,229 *Loss on Disposal of Equipment 237 *Sales Revenue 8744 *Selling Expense 1,425 *Financing cost 1500
The following data include all the elements from Cambridge Company income statement:
|
*Administrative Expense |
$867 |
|
*Cost of Goods Sold |
3622 |
|
* Gain on Sale of Securities |
623 |
|
|
|
|
*Income Tax Expense |
1,234 |
|
Loss on Discontinued Operations (net |
1,229 |
|
*Loss on Disposal of Equipment |
237 |
|
*Sales Revenue |
8744 |
|
*Selling Expense |
1,425 |
|
*Financing cost
|
1500 |
Expert Solution
Income StatementAmount $Sales Revenue 8,744Less :Cost of Goods Sold 3,622Gross profit 5,122Less: Administrative Expense 867Less: Selling Expense 1,425Income from operations 2,830Add: Gain on Sale of Securities 623Less :Loss on Disposal of Equipment 237Less: Financing cost 1,500Income from continuing operations before tax 1,716Less :Income Tax Expense 1,234Income from continuing operations after tax 482Less:Loss on Discontinued Operations (net 1,229Net Income (loss) -747
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