Question
9 Flags Mini Theme Parks, Inc. provided you with the following data for their operating year ended December 31, 2020: Net sales......................................................................... $12,762,850 Discontinued operations
9 Flags Mini Theme Parks, Inc. provided you with the following data for their operating year ended December 31, 2020:
Net sales......................................................................... $12,762,850
Discontinued operations loss (before taxes) .................... 3,410,000
Cost of goods sold......................................................... 5,105,000
Interest expense............................................................ 127,830
Selling expenses............................................................ 945,800
Administrative expenses.............................................. 1,235,090
Shares of capital stock outstanding, 75,000
Tax rate of 40% on all items
Required: Using a multiple-step format, prepare an income statement rounded to the nearest dollar for 9 Flags Mini Theme Parks, Inc. for the year ended December 31, 2020.
Note: when rounding to the nearest dollar, round up when .50 or above, therefore round down to the nearest dollar when .49 or below.
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