Income statement, homework help

1.    Information (in dollars) related to Lobnitz Service Company for 2013 follows.

Sales revenues  600,000

Selling, general, and administrative expenses  150,000

Property, plant, and equipment (net)  750,000

Prepaid insurance expense  2,000

Interest and other investment income  24,000

Loss on the disposal of the consulting division *  50,000

Loss from operating the consulting division up until its disposal  * 24,000

Other miscellaneous losses  30,000

Interest expense  9,000

*  The consulting division was considered a component

Prepare an income statement in good form for the year 2013.  Assume a 35% tax rate and that 200,000 shares of common stock were outstanding during all of 2013.

 

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