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Lazer Industries,Inc Required:
Provide a Condensed Income Statement for Lazer Industries,Inc

Question 140

Essay

Lazer Industries,Inc.manufactures medical equipment parts and accessories.Assume all amounts are pre-tax and a 30% tax rate for 2014.
 Sales $1,200,000 Interest expense $150,000 Returns from customers $100,000 Rent expense $450,000 Cost of goods sold $300,000 Other selling, general and administrative expenses $170,000 Extraordinary loss $230,000 Goodwill impairment $20,000\begin{array} { l r } \text { Sales } & \$ 1,200,000 \\\text { Interest expense } & \$ 150,000 \\\text { Returns from customers } & \$ 100,000 \\\text { Rent expense } & \$ 450,000 \\\text { Cost of goods sold } & \$ 300,000 \\\text { Other selling, general and administrative expenses } & \$ 170,000 \\\text { Extraordinary loss } & \$ 230,000 \\\text { Goodwill impairment } & \$ 20,000\end{array}
Required:
Provide a condensed income statement for Lazer Industries,Inc.based on the available information.Include all subtotals needed (appropriately labeled)to present your income statement in good form.

Correct Answer:

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