Chapter 1 Expanded Income Statement

Chapter 1 Expanded Income Statement - Income before taxes...

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Statement of Net Income For the year ended 12/31/2007 (or month ended) Sales (Sales Returns and Allowances) (Sales Discounts) Net Sales (COGS) Gross Margin (Operating Expenses) Selling Expenses General and Administrative Expenses Income from Operations Other Income/Expenses (also called Other Gains/Losses) +gain from sale of assets -loss from sale of assets +income from sources other than primary business e.g. dividends/interest -expenses other than primary business e.g. interest
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Unformatted text preview: Income before taxes (Income Tax Expense) Income Before Extraordinary Items +/- Extraordinary Items, net of tax Net Income Statement of Retained Earnings C& L Enterprises For the year ended 12/31/07 (or month ended) Beginning Retained Earnings $100 Net Income 140 (from the income statement) Dividends ( 30) Ending Retained Earnings $210 (goes to year end balance sheet) Expanded Income Statement/Retained Earnings Example...
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