Chapter 13, Problem E13.34E

Preparing a multi-step income statement

Learning Objective 5
Net Income $167,000

Clix Photographic Supplies, Inc.'s accounting records include the following for 2018:

Income Tax Savings—Loss on 	$ 12,000 	Net Sales Revenue 	$525,000
Discontinued Operations 			Operating Expenses 	100,000 
Loss on Discontinued Operations       30,000	(Including Income Tax) 
						Cost of Goods Sold 	240,000

Prepare Clix's multi-step income statement for the year ending December 31, 2018. Omit earnings per share.