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5. Assume that Z company's chief financial officer gave you the following information: net
sales, $3,800,000; cost of goods sold, $2,100,000; extraordinary gain (net of income taxes
of of $7,000), $25,000; loss from discontinued operations (net of income tax benefit of
$60,000), $100,000; loss on disposal of discontinued operations (net of income tax benefit
of $26,000), $70,000; selling expenses $100,000; administrative expenses, $80,000; income
taxes expense on continuing operations, $600,000. From this information, prepare the
company's income statement for the year ended December 30,2006.
5. Assume that Z company's chief financial officer gave you the following information: net
sales, $3,800,000; cost of goods sold, $2,100,000; extraordinary gain (net of income taxes
of of $7,000), $25,000; loss from discontinued operations (net of income tax benefit of
$60,000), $100,000; loss on disposal of discontinued operations (net of income tax benefit
of $26,000), $70,000; selling expenses $100,000; administrative expenses, $80,000; income
taxes expense on continuing operations, $600,000. From this information, prepare the
company's income statement for the year ended December 30,2006.
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