Chapter 4 The Income Statement and Statement of Cash Flows18

Chapter 4 The Income Statement and Statement of Cash Flows18

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EXERCISES Exercise 4-1 Requirement 1 GREEN STAR CORPORATION Income Statement For the Year Ended December 31, 2011 Revenues and gains: Sales .................................................................. $1,300,000 Interest .............................................................. 30,000 Gain on sale of investments .............................. 50,000 Total revenues and gains ............................... 1,380,000 Expenses and losses: Cost of goods sold ............................................ $720,000 Salaries ...............................................................
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Unformatted text preview: 160,000 Depreciation. ...................................................... 50,000 Interest. .............................................................. 40,000 Rent. ................................................................... 25,000 Income tax . ....................................................... 130,000 Total expenses and losses . ............................. 1,125,000 Net income . ......................................................... $ 255,000 Earnings per share . .............................................. $2.55...
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