Gomez Inc. reported the following pretax amounts for 2020.
Assuming an income tax rate of 25%, prepare the income statement
beginning with Operating income.
Ignore the earnings per share disclosures.
Ignore the earnings per share disclosures.
| Account | 2020 |
|---|---|
| Loss from discontinued operations | $ 144,000 |
| Gain on sale of investments | 15,000 |
| Interest expense | 54,000 |
| Operating income | 1,200,000 |
| Loss on sale of patent | 144,000 |
- Do not use negative signs with any of your answers.
