resented below is information related to Anderson Company for 2022. Sales revenue 25,000,000 Cost of goods sold 16,000,000 Interest expense 70,000 Selling and administrative expenses 4,700,000 Loss from write-off of goodwill. 820,000 Gain on the sale of investments 110,000 Loss due to flood damage 390,000 Loss on the disposition of the wholesale division 8 00,000 Loss on operations of the wholesale division 150,000 Dividends declared on ordinary shares 250,000 Dividends declared on preference shares 60,000 Anderson decided to discontinue its entire wholesale operations and to retain its manufacturing operations. On September 15, Anderson sold the wholesale operations to Rogers Company. During 2022, there were 500,000 ordinary shares outstanding all year. Prepare an income statement for the year ended 31 December 2022. Applicable tax rate is 30%.
Presented below is information related to Anderson Company for 2022.
Sales revenue 25,000,000
Cost of goods sold 16,000,000
Interest expense 70,000
Selling and administrative expenses 4,700,000
Loss from write-off of
Gain on the sale of investments 110,000
Loss due to flood damage 390,000
Loss on the disposition of the wholesale division 8 00,000
Loss on operations of the wholesale division 150,000
Dividends declared on ordinary shares 250,000
Dividends declared on
Anderson decided to discontinue its entire wholesale operations and to retain its manufacturing operations. On September 15, Anderson sold the wholesale operations to Rogers Company. During 2022, there were 500,000 ordinary shares outstanding all year.
Prepare an income statement for the year ended 31 December 2022. Applicable tax rate is 30%.
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