Prepare an Income Statement using the following data for Young Adventures for the year ended December 31,2012:
$\begin{array}{ll}
\text { Net Sales } & \$ 24,500,000 \
\text { Cost of Merchandise Sold } & 10,900,000 \
\text { Operating Expenses } & 6,300,000 \
\text { Losses from Asset Impairment } & 2,800,000 \
\text { Income Tax Expense } & 500,000 \
\text { Losss on DiscontinuedOperations } & 100,000 \
\text { Net Losss on Extraordinary Item } & 125,000
\end{array}$

Question

Prepare an Income Statement using the following data for Young Adventures for the year ended December 31,2012:
 $\begin{array}{ll}
\text { Net Sales } & \$ 24,500,000 \
\text { Cost of Merchandise Sold } & 10,900,000 \
\text { Operating Expenses } & 6,300,000 \
\text { Losses from Asset Impairment } & 2,800,000 \
\text { Income Tax Expense } & 500,000 \
\text { Losss on DiscontinuedOperations } & 100,000 \
\text { Net Losss on Extraordinary Item } & 125,000
\end{array}$

Quizplus · Accepted Answer

The Answer of Prepare an Income Statement using the following data for Young Adventures for the year ended December 31,2012:
 $\begin{array}{ll}
\text { Net Sales } & \$ 24,500,000 \
\text { Cost of Merchandise Sold } & 10,900,000 \
\text { Operating Expenses } & 6,300,000 \
\text { Losses from Asset Impairment } & 2,800,000 \
\text { Income Tax Expense } & 500,000 \
\text { Losss on DiscontinuedOperations } & 100,000 \
\text { Net Losss on Extraordinary Item } & 125,000
\end{array}$

Prepare an Income Statement Using the Following Data for Young