Mitchell Corporation's accounting records include the following items for the year ending December 31,2017:
$$\begin{array} { l l l }
\text { Gain on Sale of Equipment } & \$ 12,000 & \text { Gain on } \
\text { Discontinued Operations } & \$ 75,000 & \
\text { Loss on Disposal of Equipment } & 5,000 \text { Extraordinary Loss } & 15,000 \
\text { Net Sales } & 650,000 & \text { Cost of Coods } \
\text { Sold } & 285,000 & \
& \text { Operating Expenses } & 120,000
\end{array}$$ The income tax rate for the company is 45%.The company had 15,000 shares of common stock outstanding during 2017 and no preferred stock.Prepare Mitchell's income statement for the year ending December 31,2017.Show how Mitchell reports EPS data on its 2017 income statement.

Question

Mitchell Corporation's accounting records include the following items for the year ending December 31,2017:
 $$\begin{array} { l l l } 
\text { Gain on Sale of Equipment } & \$ 12,000 & \text { Gain on } \
\text { Discontinued Operations } & \$ 75,000 & \
\text { Loss on Disposal of Equipment } & 5,000 \text { Extraordinary Loss } & 15,000 \
\text { Net Sales } & 650,000 & \text { Cost of Coods } \
\text { Sold } & 285,000 & \
& \text { Operating Expenses } & 120,000
\end{array}$$ The income tax rate for the company is 45%.The company had 15,000 shares of common stock outstanding during 2017 and no preferred stock.Prepare Mitchell's income statement for the year ending December 31,2017.Show how Mitchell reports EPS data on its 2017 income statement.

Quizplus · Accepted Answer

The Answer of Mitchell Corporation's accounting records include the following items for the year ending December 31,2017:
 $$\begin{array} { l l l } 
\text { Gain on Sale of Equipment } & \$ 12,000 & \text { Gain on } \
\text { Discontinued Operations } & \$ 75,000 & \
\text { Loss on Disposal of Equipment } & 5,000 \text { Extraordinary Loss } & 15,000 \
\text { Net Sales } & 650,000 & \text { Cost of Coods } \
\text { Sold } & 285,000 & \
& \text { Operating Expenses } & 120,000
\end{array}$$ The income tax rate for the company is 45%.The company had 15,000 shares of common stock outstanding during 2017 and no preferred stock.Prepare Mitchell's income statement for the year ending December 31,2017.Show how Mitchell reports EPS data on its 2017 income statement.

Mitchell Corporation's Accounting Records Include the Following Items for the Year