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How do you find the income before extraordinary items?

All I am given is the extraordinary gain is 3,000,000 -

  • Net Sales                                      $18,000
  • Interest Income                            $200
  • Interest Expense                           $350
  • Extraordinary gain                         $3,000
  • Cost of goods sold                        $10,500
  • Selling and administrative expense $2,500
  • Restructuring costs                        $800

In addition, during the year the company completed the disposal of its plastics buisness and incurred a loss from operations of $1.6 million and a gain on disposal of the component's assets of $2 million. 500,000 shares of common stock were outstanding throughout 2013. Income tax expense has not yet bee accrued. The income tax rate is 30% on all items of income (loss).

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9965933

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