Chapter 4 The Income Statement and Statement of Cash Flows19

Chapter 4 The Income Statement and Statement of Cash Flows19

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Exercise 4-1 (concluded) Requirement 2 GREEN STAR CORPORATION Income Statement For the Year Ended December 31, 2011 Sales revenue . ...................................................... $1,300,000 Cost of goods sold . .............................................. 720,000 Gross profit . ......................................................... 580,000 Operating expenses: Salaries. .............................................................. $160,000 Depreciation. ...................................................... 50,000 Rent . .................................................................. 25,000 Total operating expenses . .............................. 235,000 Operating income . ...............................................
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 345,000 Other income (expense): Interest revenue . ................................................ 30,000 Gain on sale of investments . ............................. 50,000 Interest expense . ............................................... (40,000 ) Total other income, net . ................................ 40,000 Income before income taxes . .............................. 385,000 Income tax expense . ............................................ 130,000 Net income . ......................................................... $ 255,000 Earnings per share . .............................................. $2.55...
View Full Document

This note was uploaded on 01/08/2011 for the course -2 20101 taught by Professor Georgesanchez during the Spring '10 term at USC.

Ask a homework question - tutors are online