Chase_6615_ch4,2 - Andrew Chase Intermediate Accounting...

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

View Full Document Right Arrow Icon
Andrew Chase Intermediate Accounting Chapter 4 BE4-2 TURNER CORPORATION INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2007 Revenues Net sales $2,400,000 Interest revenue 31,000 Total revenues 2,431,000 Expenses Cost of goods sold 1,250,000 Administrative expenses 212,000 Selling expenses 280,000 Interest expense 45,000 Total expenses 1,787,000 Net Income $644,000 Earnings per common share $6.44 E4-7 TUCKER CORPORATION INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2007 Revenues Net sales $540,000 Total revenues 540,000 Expenses Cost of goods sold 210,000 Administrative expenses 100,000 Selling expenses 80,000 Depreciation expense 30,000 Discontinued operations loss 40,000 Total expenses 460,000 Income before income tax $80,000 Income tax 24,000 Net Income $56,000 Earnings Per Share $5.6 b) Income from continuing operations Before income tax $120,000 Income tax 36,000
Background image of page 1

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

View Full DocumentRight Arrow Icon
Income from continuing operations 84,000 Discontinued operations Less: income tax of $12,000 28,000 Net Income 56,000
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

Chase_6615_ch4,2 - Andrew Chase Intermediate Accounting...

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