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Chapter 4 The Income Statement and Statement of Cash Flows8

Chapter 4 The Income Statement and Statement of Cash Flows8

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Brief Exercise 4-4 (a) Sales revenue $300,000 Less: Cost of goods sold (160,000) General and administrative expenses (40,000) Restructuring costs (50,000) Selling expenses (25,000 ) Operating income $ 25,000 (b) Operating income $25,000 Add: Interest revenue 4,000 Deduct: Loss on sale of investments (22,000 ) Income before income taxes and
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Unformatted text preview: Extraordinary item 7,000 Income tax expense (40%) (2,800 ) Income before extraordinary item $ 4,200 (c) Income before extraordinary item $ 4,200 Extraordinary item: Loss from flood damage, net of $20,000 tax benefit (30,000 ) Net loss (25,800)...
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