Multi Step Income Statement with Taxes??
Hey I'm new to accounting and struggling a lot I was wondering if anyone could help me out with this problem I'd appreciate it a lot!
You are given the following information regarding the financial results of Samantha Mary Corporation for
the year ended 12/31/2007:
Sales $ 990,000
Cost of Goods Sold 635,000
Selling, General & Admin Expenses 86,000
Extraordinary Loss (45,000)
Discontinued Bakery Segment
Operating Income 143,000
Loss on Sale ($78,000)
The corporation's tax rate is 33%
1. Prepare, in good form, a multi-step income statement for Samantha Mary Corporation for the year ended 12/31/2007.
2. What is the total income tax expense for Samantha Mary Corporation for 2007?