Chapter 4 The Income Statement and Statement of Cash Flows19

Chapter 4 The Income Statement and Statement of Cash Flows19

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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 ................................................
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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...
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