Questions: COD Corporation's accounting records include the following items, listed in no particular order, at December 31, 2024: The income tax rate for COD Corporation is 21%. Prepare COD's income statement for the year ended December 31, 2024. Omit earnings per share. Use the multi-step format. Prepare the income statement through the income before taxes, then complete the income statement through the net income. (Use parentheses or a minus sign to enter amounts for Other Expenses.) COD Corporation Income Statement Year Ended December 31, 2024 Income Before Income Taxes Other Income and (Expenses): (13,000), Cost of Goods Sold: 88,000 Net Sales: 180,200, Operating Expenses: 59,000 Gain on Discontinued Operations: 3,000

To prepare COD Corporation's income statement for the year ended December 31, 2024, using the multi-step format, we need to organize the provided data into the appropriate sections of the income statement. Here is the data provided:

• Net Sales: $180,200
• Cost of Goods Sold: $88,000
• Operating Expenses: $59,000
• Other Income and (Expenses): $(13,000)$
• Gain on Discontinued Operations: $3,000

Net Sales: $180,200

Cost of Goods Sold: $(88,000)

Gross Profit: $92,200

Operating Expenses: $(59,000)

Operating Income: $33,200

Other Income and (Expenses): $(13,000)

Income Before Income Taxes: $20,200

Income Tax Expense (21% of $20,200): $(4,242)

Income from Continuing Operations: $15,958

Gain on Discontinued Operations: $3,000

Net Income: $18,958

1. Net Sales: This is the total revenue from sales, which is $180,200.
2. Cost of Goods Sold (COGS): This is the direct cost attributable to the production of the goods sold by the company, which is $88,000.
3. Gross Profit: This is calculated as Net Sales minus COGS, which is $180,200 - $88,000 = $92,200.
4. Operating Expenses: These are the expenses incurred during regular business operations, which amount to $59,000.
5. Operating Income: This is calculated as Gross Profit minus Operating Expenses, which is $92,200 - $59,000 = $33,200.
6. Other Income and (Expenses): This includes any other income or expenses not related to the main business operations, which is $(13,000)$.
7. Income Before Income Taxes: This is calculated as Operating Income plus Other Income and (Expenses), which is $33,200 - $13,000 = $20,200.
8. Income Tax Expense: This is calculated as 21% of Income Before Income Taxes, which is 0.21 * $20,200 = $4,242.
9. Income from Continuing Operations: This is calculated as Income Before Income Taxes minus Income Tax Expense, which is $20,200 - $4,242 = $15,958.
10. Gain on Discontinued Operations: This is the gain from operations that have been discontinued, which is $3,000.
11. Net Income: This is calculated as Income from Continuing Operations plus Gain on Discontinued Operations, which is $15,958 + $3,000 = $18,958.

This multi-step income statement provides a detailed breakdown of COD Corporation's financial performance for the year ended December 31, 2024.