Prepare an income statement using the following data for New Orleans Adventures for the year ended December 31: $$\begin{array} { l l }
\text { Sales } & \$ 24,500,000 \
\text { Cost of merchandise sold } & 10,900,000 \
\text { Operating expenses } & 6,300,000 \
\text { Losses from asset impairment } & 2,800,000 \
\text { Income tax expense } & 500,000 \
\text { Loss on discontinued operations } & 100,000 \
\text { Net loss on extraordinary item } & 125,000
\end{array}$$

Question

Prepare an income statement using the following data for New Orleans Adventures for the year ended December 31: $$\begin{array} { l l } 
\text { Sales } & \$ 24,500,000 \
\text { Cost of merchandise sold } & 10,900,000 \
\text { Operating expenses } & 6,300,000 \
\text { Losses from asset impairment } & 2,800,000 \
\text { Income tax expense } & 500,000 \
\text { Loss on discontinued operations } & 100,000 \
\text { Net loss on extraordinary item } & 125,000
\end{array}$$

Quizplus · Accepted Answer

The Answer of Prepare an income statement using the following data for New Orleans Adventures for the year ended December 31: $$\begin{array} { l l } 
\text { Sales } & \$ 24,500,000 \
\text { Cost of merchandise sold } & 10,900,000 \
\text { Operating expenses } & 6,300,000 \
\text { Losses from asset impairment } & 2,800,000 \
\text { Income tax expense } & 500,000 \
\text { Loss on discontinued operations } & 100,000 \
\text { Net loss on extraordinary item } & 125,000
\end{array}$$

Prepare an Income Statement Using the Following Data for New