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The information beneath depicts 2013 summary for Match Company. The company consists of two operations, which is, manufacturing and wholesale. The amounts are in thousands.

Sales revenue                                 $25,000

Cost of goods sold                           16,000

Interest revenue                              70,000

Selling and administrative expenses      4,700

Goodwill prepare-off                              820

2014 Income taxes                          1,244

Gain on sale of investments (This is normal and recurring) 110

Loss due to flood damage, net of tax (This is extraordinary item)   390

Loss on disposition of wholesale division, net of tax    440

Loss on operations of wholesale division, net of tax   90

Match Company consists of 500,000 shares of common stock outstanding all through the year. The company decided to discontinue its total wholesale operations. On August 31, 2013, Match Company sold the wholesale operations to Reed Company. 

Required: 

Make a multi-step income statement and earnings per share for Match Company.  

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916356

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