chpt 4 supp sol

chpt 4 supp sol - Chapter 4 Supplemental Solutions Exercise...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 4 Supplemental Solutions Exercise 4-3 Requirement 1 GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2006 Revenues and gains: Sales . ................................................................. $2,350,000 Rental revenue . ................................................. 80,000 Total revenues and gains . .............................. 2,430,000 Expenses and losses: Cost of goods sold . ........................................... $1,200,300 Salaries . ............................................................. 300,000 Depreciation. ...................................................... 100,000 Interest. .............................................................. 90,000 Rent . .................................................................. 50,000 Loss on sale of equipment . ............................... 22,500 Loss from inventory write-down . ..................... 200,000 Income tax expense *. ....................................... 186,880 Total expenses and losses . ............................. 2,149,680 Income before extraordinary item . ...................... Extraordinary item:
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 07/08/2009 for the course ACCT 351 taught by Professor Staff during the Spring '08 term at George Mason.

Page1 / 4

chpt 4 supp sol - Chapter 4 Supplemental Solutions Exercise...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online