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Chapter 4 The Income Statement and Statement of Cash Flows20

Chapter 4 The Income Statement and Statement of Cash Flows20

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Exercise 4-2 Requirement 1 GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2011 Revenues and gains: Sales .................................................................. $2,350,000 Rental revenue .................................................. 80,000 Total revenues and gains ............................... 2,430,000 Expenses and losses: Cost of goods sold ............................................ $1,200,300 Salaries .............................................................. 300,000 Depreciation ....................................................... 100,000 Interest ............................................................... 90,000 Rent ................................................................... 50,000 Loss on sale of investments
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Unformatted text preview: ............................. 22,500 Loss from inventory write-down . ..................... 200,000 Income tax expense *. ....................................... 186,880 Total expenses and losses . ............................. 2,149,680 Income before extraordinary item . ...................... Extraordinary item: Loss from flood damage (net of $48,000 tax benefit) Net income . ......................................................... 280,320 (72,000 ) $ 208,320 Earnings per share: Income before extraordinary item . ...................... Extraordinary loss . .............................................. Net income . ......................................................... $ .93 (.24 ) $ .69 * 40% x $467,200...
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