Hinson 3-1 Income Statements

Hinson 3-1 Income Statements - 30,000 Gain on sale of...

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Intermediate Accounting I Assignment 3-1 Income Statements Jamie Hinson January 21, 2008 Exercise 4-2 1. Green Star Corporation Income Statement For the Year Ended December 31, 2006 Revenues and gains: Sales $1,300,000 Interest and dividends 30,000 Gain on sale of operating assets 50,000 Total revenues and gains 1,380,000 Expenses and losses: Cost of goods sold $720,000 Selling 25,000 General and administrative 160,000 Interest 40,000 Loss on sale of investments 50,000 Income taxes 130,000 Total expenses and losses 1,125,000 Net Income $255,000 EPS $2.55
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2. Green Star Corporation Income Statement For the Year Ended December 31, 2006 Sales revenue $1,300,000 Cost of goods sold 720,000 Gross profit 580,000 Operating expenses: Selling 25,000 General and administrative 160,000 Total operating expenses 185,000 Operating income Other income (expense): Interest and dividend revenue
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Unformatted text preview: 30,000 Gain on sale of operating assets 50,000 Interest expense (40,000) Loss on sale of investments (50,000) Total other income, net (10,000) Income before income taxes 405,000 Income tax expense 130,000 Net income $255,000 EPS $2.55 Exercise 4-6 Chance Company Income Statement For the Year Ended December 15, 2006 Income from continuing operations $350,000 Discontinued operations: Loss from operations of discontinued component $(400,000) Income tax benefit 160,000 Loss on discontinued operations (240,000) Net income $110,000 EPS $1.10 Exercise 4-13 1. Net sales revenue $187,000 Interest revenue 10,200 Gain on sale 4,700 Total revenues $201,900 D. $201,900 2. C. Component of income from continuing operations, net of applicable income taxes...
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Hinson 3-1 Income Statements - 30,000 Gain on sale of...

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