Question - Pono Paint Company has the following income statement items for the year ended December 31, 2014 ($ in 000s):
Net Sales $20,000
Interest Income 200
Interest expense 300
Extraordinary gain 3,000
Cost of goods sold 11,200
Selling and admin expenses 3,300
Restructuring costs 600
In addition, during the year the company completed the disposal of its aluminum business and they incurred a loss from operations of $1.5 million and a gain on disposal of assets of $2.3 million. 500,000 shares of common stock were outstanding throughout 2014. Income tax expense has not yet been accrued. The income tax rate of all items of income is 30%.
Prepare a multi-step income statement for 2014.