homework due 10 25.xlsx - Sales revenue COGS Gross Profit Reed Company Multi-step income statement 2016 $ 4,000,000 $ $ 2,570,000 $ $ 1,430,000 $ 2015

homework due 10 25.xlsx - Sales revenue COGS Gross Profit...

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Reed Company Multi-step income statement 2016 2015 Sales revenue $ 4,000,000 $ 3,000,000 COGS $ 2,570,000 $ 1,680,000 Gross Profit $ 1,430,000 $ 1,320,000 Operating expenses: Admin exp $ 800,000 $ 675,000 selling $ 360,000 $ 312,000 loss from fire damage $ 50,000 obsolete inventory $ (35,000) Total operating exp $ 1,175,000 $ 987,000 Operating income $ 255,000 $ 333,000 other income (loss): Interest revenue $ 150,000 $ 140,000 Interest expense $ (200,000) $ (200,000) total other loss $ (50,000) $ (60,000) Income from coninuing taxes $ 205,000 $ 273,000 Income tax exp $ 82,000 $ 109,200 income continued ops $ 123,000 $ 163,800
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Unformatted text preview: loss from ops of discon $ (10,000) $ 110,000 Income tax benefitincome discon $ 4,000 $ 44,000 net income $ (6,000) $ 154,000 Income from con ops $ 0.41 $ 0.55 discon ops $ (0.02) $ 0.51 eps $ 0.39 $ 1.06 Diversified Portfolio Corportion Statement of cash flows(direct) For theyear ending december 31, 2016 cash flows from op activities: collections from customer $ 900,000 payment of operating exp $ (700,000) payment if income taxes $ 280,000 net cash flows from operating activities $ 480,000 cash flows from investing act $ 50,000 sale of incestments $ 50,000 net cash flows from investing act $ 100,000...
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