Chapter 4 The Income Statement and Statement of Cash Flows22

Chapter 4 The Income Statement and Statement of Cash Flows22

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Exercise 4-3 LINDOR CORPORATION Statement of Income and Comprehensive Income For the Year Ended December 31, 2011 Sales revenue . ................................................................... $2,300,000 Cost of goods sold . ........................................................... 1,400,000 Gross profit . ...................................................................... 900,000 Operating expenses: Selling and administrative. ............................................. 420,000 Operating income . ............................................................ 480,000 Other income (expense): Interest expense . ............................................................... (40,000 ) Income before income taxes and extraordinary item . ...... 440,000 Income tax expense *. ....................................................... 132,000 Income before extraordinary item .
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Unformatted text preview: ................................... Extraordinary item: Gain on litigation settlement (net of $120,000 tax expense) ................................................................... Net income Other comprehensive income: Unrealized holding gains on investment securities, net of tax . .................................................................... Comprehensive income . ................................................... 308,000 280,000 588,000 56,000 $644,000 Earnings per share: Income before extraordinary item . ................................... Extraordinary gain . ........................................................... Net income . ...................................................................... $ 0.31 .28 $ .59 * 30% x $440,000...
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This note was uploaded on 01/08/2011 for the course -2 20101 taught by Professor Georgesanchez during the Spring '10 term at USC.

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