9) Winchesters Corporations accounting records include the following items, listed in no particular order, at December 31, 2018: (

Other Income and Expenses	$ 4500	Cost of Goods Sold	$ 40,000
Net Sales	90,000	Operating Expenses	37,000

The income tax rate for the Corporation is 39%.

Prepare ABCs income statement for the year ended December 31, 2018. Omit earnings per share. Use the multi-step format.

SOLUTION

Income Before Income Taxes
Less Income Tax Expense	6,825
Income from Continuing Operations