Chapter 04 Solution - Exercise 4-3 LECOLE CORPORATION...

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Exercise 4-3 LECOLE CORPORATION Statement of Income and Comprehensive Income For the Year Ended December 31, 2006 EUR Sales revenue . ................................................................... 2,400,000 Cost of goods sold . ........................................................... 1,400,000 Gross profit . ...................................................................... 1,000,000 Operating expenses: Selling and administrative. ............................................. 450,000 Operating income . ............................................................ 550,000 Other income (expense): Interest expense . ............................................................... (40,000 ) Income before income taxes and extraordinary item . ...... 510,000 Income tax expense *. ....................................................... 153,000 Income before extraordinary item . ................................... Extraordinary item: Gain on early debt extinguishment (net of 120,000 tax expense) ................................................................... Net income Other comprehensive income: Unrealized holding gains on investment securities, net of tax . .................................................................... Comprehensive income . ................................................... 357,000 280,000 637,000 56,000 693,000 Earnings per share: Income before extraordinary item . ................................... Extraordinary gain . ........................................................... Net income . ...................................................................... 0.36 0 .28 0 .64 * 30% x 510,000
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Exercise 4-6 FIGURO CORPORATION Income Statement For the Year Ended December 31, 2006 EUR Sales revenue . ................................................................... 600,000 Cost of goods sold . ........................................................... 320,000 Gross profit . ...................................................................... 280,000 Operating expenses: Selling ........................................................................... 67,000 Administrative .............................................................. 87,000 Restructuring costs . ....................................................... 55,000 Total operating expenses . ........................................... 209,000 Operating income . ............................................................ 71,000 Other income (expense): Interest and dividends . ................................................... 32,000
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This note was uploaded on 07/06/2011 for the course ECON 103 taught by Professor Frolova during the Spring '11 term at London College of Accountancy.

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Chapter 04 Solution - Exercise 4-3 LECOLE CORPORATION...

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