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Prepare an income statement for kagawa company

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Reference no: EM131829293

Question - Following is information taken from the accounting records of Kagawa Company at the end of 2009.

Net Sales, $660,000

Operating Income (from discontinued operations), $64,000

Cost of Goods Sold, $370,000

Gain on sales of Assets (from discontinued operations), $55,000

Operating Expenses, $134,000

Flood loss, $134,000

Kagawa had 150,000 shares of common stock issued and outstanding throughout the year.

Kagawa's effective tax rate is 40 percent and is based in an area that does not normally experience floods. Kagawa's taxable income from the tax return is $100,000.

Required: Prepare an income statement for Kagawa Company for 2009, including earnings -per-share section.

Reference no: EM131829293

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