Question: Use the financial data for Jin Merchandising, Inc., in Exercise to prepare its income statement for calendar year 2011. (Ignore the earnings per share section.)
Exercise: In 2011, Jin Merchandising, Inc., sold its interest in a chain of retail outlets, taking the company completely out of the retailing business. The company still operates its wholesale outlets. A listing of the major sections of an income statement follows:
A. Income (loss) from continuing operations
B. Income (loss) from operating, or gain (loss) from disposing, a discontinued segment
C. Extraordinary gain (loss) Indicate where each of the following income-related items for this company appears on its 2011 income statement by writing the letter of the appropriate section in the blank beside each item.
