Income_Statement_Practice_Problem_Solution

Income_Statement_Practice_Problem_Solution - $(874,000)...

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APP, Inc. Income Statement For the Year Ended 12/31/05 Sales Revenue $11,400,000 Cost of Goods Sold $4,690,000 Gross Margin $6,710,000 Operating Expenses Selling Expense $1,796,000 Administrative Expense $2,464,000 Total Operating Expenses $(4,260,000) Operating Income $2,450,000 Other Revenues and Gains Interest Revenue $374,000 Gain on Sale of Equipment $112,000 Total Other Revenues and Gains $486,000 Other Expenses and Losses Interest Expense $620,000 Loss on Sale of Securities $254,000 Total Other Expenses and Losses
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Unformatted text preview: $(874,000) Income From Continuing Operations Before Taxes $2,062,000 Income Taxes $(618,600) EPS Income From Continuing Operations $1,443,400 $6.42 Income from Discontinued Operations (Net of $486,000 Taxes) $1,134,000 Loss on Disposal of Discontinued Operations (Net of $426,000 Taxes) $(994,000) Net Discontinued Operations $140,000 $0.70 Income Before Extraordinary Loss $1,583,400 $7.12 Extraordinary Loss (Net of $216,000 Taxes) $(504,000) $(2.52) Net Income $1,079,400 $4.60...
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This note was uploaded on 09/20/2011 for the course ACCT 301 taught by Professor Staff during the Spring '11 term at S.F. State.

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