Chapter 4 The Income Statement and Statement of Cash Flows9

Chapter 4 The - 474,000 Extraordinary item Loss from earthquake net of $208,000 tax benefit(312,000 Net income $ 162,000*$790,000 x 40%

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Brief Exercise 4-5 MEMORAX COMPANY Partial Income Statement For the Year Ended December 31, 2011 Income before income taxes and extraordinary item. .......... $ 790,000 Income tax expense* . ......................................................... 316,000 Income before extraordinary item .
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Unformatted text preview: ..................................... 474,000 Extraordinary item: Loss from earthquake, net of $208,000 tax benefit. ......... (312,000 ) Net income . ......................................................................... $ 162,000 *$790,000 x 40%...
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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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