The ledger of Mesa Corporation at December 31st of current year contains:
Net Sales – 1,500,000
Cost of goods sold – 800,000
Selling Expenses – 110,000
Admin Expenses – 140,000
Other revenue & gains – 40,000
interest expense – 30,000
The following data was not included:
1. Entire Ceramics division was discontinued at the beginning of the year and was sold in march at a loss of 60,000(before income tax)
2. On july 12, a fire occurred in one plant that resulted in a very large loss of 190,000(before income taxes)
3. On May 15, company property was condemned for and interstate highway. The settlement resulted in a before-tax gain of 90,000
4. The income tax rate for all items was 30%
Prepare an income statement as of December 31st using proper format.
