Cheaney Corporation owns a number of cruise
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Operating revenues
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$12,850,000
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Operating expenses
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8,700,000
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Operating income
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$ Â 4,150,000
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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.
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Answers
Status NEW
Posted 28 Apr 2017 01:04 PM
My Price 7.00
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file 1493384786-1313962_1_636288581810428466_condensed-Income-statement.xlsx preview (149 words )
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