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Presented below is an income statement for Naser Company for the year ended December 31, 2020. Naser Company Income Statement For the Year Ended December
Presented below is an income statement for Naser Company for the year ended December 31, 2020. Naser Company Income Statement For the Year Ended December 31, 2021 Net sales $750,000 Costs and expenses Cost of goods sold 440,000 Selling, general, and administrative expenses 70,000 Other Income & Expenses 15.000 Income before income taxes 225,000 Additional information 1. "Selling, general, and administrative expenses" included a charge of $5,000 for loss on sale of furniture. 2. "Other Income & Expenses" consisted of the following items all before tax- interest expense $6,000, a discontinued operations loss of $18,000, and rent revenues $39,000 3. Tax rate 15% 4. Naser had 100,000 ordinary shares outstanding during 2021. Instructions Prepare a corrected income statement, including the appropriate per share disclosures. Then answer the following questions. # Question Answer 1 Income from operations for 2021, is: 2 Income before income tax for 2021, is: 3 Income tax for 2021, is: 4 Income from continuing operations for 2021, is: ind All Match Case Page
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