Chapter 4 The Income Statement and Statement of Cash Flows7

Chapter 4 The Income Statement and Statement of Cash Flows7

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Brief Exercise 4-3 PACIFIC SCIENTIFIC CORPORATION Income Statement For the Year Ended December 31, 2011 ($ in millions) Sales revenue . ...................................................... $2,106 Cost of goods sold . .............................................. 1,240 Gross profit . ......................................................... 866 Operating expenses: Selling. ............................................................... $126 General and administrative. ............................... 105 Total operating expenses . ..............................
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Unformatted text preview: 231 Operating income . ............................................... 635 Other income (expense): Gain on sale of investments . ............................. 45 Interest expense . ............................................... (35 ) Total other income, net . ................................ 10 Income before income taxes . .............................. 645 Income tax expense* . .......................................... 258 Net income . ......................................................... $ 387 *$645 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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