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Category > Accounting Posted 28 Apr 2017 My Price 7.00

Cheaney Corporation owns a number of cruise

Operating revenues

$12,850,000

Operating expenses

8,700,000

Operating income

$  4,150,000

 

 

P14-8 Cheaney Corporation owns a number of cruise ships and a chain of hotels. The hotels, which have not been profitable, were discontinued on September 1, 2011. The 2011 operating results for the company were as   follows.

Analysis discloses that these data include the operating results of the hotel chain, which were: operating revenues $2,000,000 and operating expenses $2,400,000. The hotels were sold at a gain of $200,000 before taxes. This gain is not included in the operating results. During the year, Cheaney suffered an extraordinary loss of $800,000 before taxes, which is not included in the operating results. In 2011, the company had other revenues and gains of $100,000, which are not included in the operating results. The corporation is in the 30% income tax  bracket.

Instructions

Prepare a condensed income  statement.

 

 

Answers

Alpha Geek
(8)
Status NEW Posted 28 Apr 2017 01:04 PM My Price 7.00

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Attachments

file 1493384786-1313962_1_636288581810428466_condensed-Income-statement.xlsx preview (149 words )
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