The ledger of Doe Plastics Inc. contains the following information for operations for the year ended September 30, 2014.

Required
Prepare a multiple-step income statement for the year ended September 30, 2014. Omit earnings per share. Was 2014 a good year or a bad year for Doe Plastics Inc.?
Explain your answer in terms of the outlook for 2015.

Transcribed Image Text:

Sales revenue.. Operating expenses 350,000 Income tax expense gain on operations....8000 g income tax67,500 Other loss..22,500 Cost of goods sold.. Gain on discontinued 230,000 Income tax expense- operating income.. 10,000 operations. 12,500