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Terwilliger Corporation_condensed income statement




Question;Terwilliger;Corporation owns a number of cruise ships and a chain of hotels.;The;hotels, which have not been profitable, were discontinued on September 1, 2014.;The 2014 operating results for the company were as follows.;Operating;revenues $12,824,600;Operating expenses 8,657,800;Operating;income $ 4,166,800;Analysis;discloses that these data include the operating results of the hotel chain;which were operating revenues $1,953,900 and operating expenses $2,437,800.;The;hotels were sold at a gain of $184,600 before taxes. This gain is not included;in the operating results.;During;the year, Terwilliger suffered an extraordinary loss of $803,300 before taxes;which is not included in the operating results.;In;2014, the company had other revenues and gains of $139,100, which are not;included in the operating results.;The;corporation is in the 27% income tax bracket. Prepare a condensed income;statement.


Paper#37495 | Written in 18-Jul-2015

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