WORKSHEET 1 ACCTG 371 WORKSHEET 1 FORMS PART OF THE ANSWER FOR QUESTION 5. ENSURE THAT THIS WORKSHEET IS ATTACHED TO YOUR ASSIGNMENT. Preliminary Forecasted Income Statement Assumptions 2017 Est. Revised Forecasted Income Statemente Assumptions 2017 Est. $ Valencia Co. (5000s) Net sales Cost of goods sold Gross profit Operating expenses Operating income Interest expense (income), nete Income from continuing operations before taxes 2016 52,500 -21,000 31,500 -15.750 15.750 -1.100 14,650 Taxes expense from continuing operations -4,395 10.255 Net income from continuing operations Net Loss From Discontinued Operations (Net of Taxes) Net income $ 10,255 WORKSHEET 1 ACCTG 371 WORKSHEET 1 FORMS PART OF THE ANSWER FOR QUESTION 5. ENSURE THAT THIS WORKSHEET IS ATTACHED TO YOUR ASSIGNMENT. Preliminary Forecasted Income Statement Assumptions 2017 Est. Revised Forecasted Income Statemente Assumptions 2017 Est. $ Valencia Co. (5000s) Net sales Cost of goods sold Gross profit Operating expenses Operating income Interest expense (income), nete Income from continuing operations before taxes 2016 52,500 -21,000 31,500 -15.750 15.750 -1.100 14,650 Taxes expense from continuing operations -4,395 10.255 Net income from continuing operations Net Loss From Discontinued Operations (Net of Taxes) Net income $ 10,255