Question Details

Prepare a multiple-step income statement for the year ended December 31



Oregm Imports engages in the retail sale of household products and clothing. During 2010, the company disposed of the clothing segment. Oregm Imports had 150,000 shares of stock outstanding all year. The results of operations for 2010 follow.

	Household	
	 Products 	Clothing
Net sales 	$15,000,000	$3,900,000
Cost of goods sold	11,400,000	3,500,000
Operating expenses	1,400,000	300,000
Loss on disposal of clothing business
   (before income tax effect)		680,000
Interest expense	40,000	
Extraordinary loss from expropriation of
   operations in foreign country (before
   income tax effect)	80,000	

Income taxes of 40% apply to all items.

Required:
Prepare a multiple-step income statement for the year ended December 31, 2010, in good format.





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