Robin Mackey is a business major at Southern Missouri University. Robin is struggling with an accounting homework assignment to prepare an income statement for Wambaugh Inc., an imaginary firm. Robin has decided that the following should be included in this income statement:Costs of Goods SoldIncome Taxes PayableAccounts ReceivableIncome ExpenseEarnings per ShareLoss of Discontinued Operations (net of taxes)Net salesPossible loss from LawsuitAccounts PayableDividends (declared by the Board of Directors)Gain on Sale of EquipmentSalaries PayableSelling and Administrative ExpensesStock Dividends DistributableHelp Robin complete her homework assignment by answering the following questions:1. Which of the items listed should be included in Wambaugh Inc.’s income statement?2. In what order should these items appear in the income statement?3. Where will the remaining items appear in the financial statements? Will any of the amounts not be included in the actual financial statements? If so, explain.

Producers can create their maximum combination of goods, s long as what?

If delta airlines were to significantly change its fare structure and flight schedule to enhance its competitive position in response to aggressive price cutting by southwest airlines, this would be an example ofanswers: explicit collusion. tacit collusion. competitive dynamics. a harvest strategy.

Chance company had two operating divisions, one manufacturing farm equipment and the other office supplies. both divisions are considered separate components as defined by generally accepted accounting principles. the farm equipment component had been unprofitable, and on september 1, 2018, the company adopted a plan to sell the assets of the division. the actual sale was completed on december 15, 2018, at a price of $600,000. the book value of the division’s assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. the division incurred a before-tax operating loss from operations of $130,000 from the beginning of the year through december 15. the income tax rate is 40%. chance’s after-tax income from its continuing operations is $350,000. required: prepare an income statement for 2018 beginning with income from continuing operations. include appropriate eps disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. (amounts to be deducted should be indicated with a minus sign. round eps answers to 2 decimal places.)