(Answered) Problem - assume that bettys better bandanas chief

Accounting

Problem - Assume that betty's better bandana's chief financial officer provided the following information: net sales, $1,230,000; cost of goods sold, $720,300; extraordinary gain (net of income taxes of $1500), $6,500; Loss on disposal of discontinued operations (net of income tax benefit of $7,000), $22,000); selling expenses, $25,000; income taxes expense on continuing operations, $170,000. From this information, prepare the company's income statement for the year ended June 30, 2011. Ignore earnings per share information.

What is the total net income?

a. $63,000

b. $255,200

c. $276,700

d. $509,700

e. $-28,000

What is the gross margin for Betty's Better Bandanas?

a. $63,000

b. $276,700

c. $-28,000

d. $255,200

e. $509,700

What is the total income from continuing operations?

a. $255,200

b. $509,700

c. $276,700

d. $-28,000

e. $63,000

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