Photographic Supplies, Inc.'s accounting records include the following for 2016: Income Tax-Saving Extraordinary Loss $8,000 Sales 575,000
Income Tax-Saving_Loss on Operating expense
(Including Income Tax) 100,000
Discontinued Expense 9,600
Extraordinary Loss 20,000 Cost of Goods Sold 245,000
Loss on Discontinued Operations 24,000
Required:
Prepare Click's multi-step income statement for 2016. Omit earnings per share.

Answer and Explanation:

The preparation of the multi-step income statement for the year is presented below:

                                         Photographic Supplies, Inc.

                                               Income statement

                                   Year Ended December 31, 2016

Sales revenue                 $575,000

Less: Cost of goods sold -$245,000

Gross profit                         $330,000

Less: Operating expenses -$100,000

Income from continuing operations$230,000

Less: Loss on discontinued operations -$24,000

Discontinued expenses                          $9,600

Income before extraordinary item$215,600

Less: Extraordinary loss                        -$20,000

income tax savings                                 $8,000

Net income$203,600

you had 23.00$ because 28 - 5 = 23 then put it in dollar form

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

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