Chapter 4 The Income Statement and Statement of Cash Flows10

Chapter 4 The Income Statement and Statement of Cash Flows10

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Brief Exercise 4-6 WHITE AND SONS, INC. Partial Income Statement For the Year Ended December 31, 2011 Income before income taxes and extraordinary item. .......... $ 850,000 Income tax expense* . ......................................................... 340,000 Income before extraordinary item . ..................................... 510,000 Extraordinary item: Loss from earthquake, net of $160,000 tax benefit. ......... (240,000 ) Net income . .........................................................................
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Unformatted text preview: $ 270,000 Earnings per share: Income before extraordinary item. ...................................... $ 5.10 Loss from earthquake . ........................................................ (2 .40 ) Net income . ......................................................................... $ 2 .70 *$850,000 x 40% Note: Restructuring costs, interest revenue, and loss on sale of investments are included in income before income taxes and extraordinary item....
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This note was uploaded on 01/08/2011 for the course COMM 140x taught by Professor Carver during the Spring '10 term at USC.

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