Acct 201Excel assignment 4 E 4-2 (pg206) Income Statement

Acct 201Excel assignment 4 E 4-2 (pg206) Income Statement -...

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General Lighting Corporation Income Statement December 2007 Revenue from Operations: 2,350,000 Less: Cost of Goods sold 1,200,300 Gross profit 1,149,700 Operating Expenses: Salaries expense 300,000 Rent expense 50,000 Depreciation expense 100,000 Loss from Write-down of inventory -due to obsolescence 200,000 Total operating expenses 650,000 Other revenues: Rental revenue 80,000 Other expenses: Interest expense 90,000
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Unformatted text preview: loss on sale of equipment 22,500 32,500 Income before income tax 467,200 Income tax expense 186,880 Income before extraordinary items 280,320 Extraordinary loss, net of $ 48,000 tax benefit 72,000 Net income 208,320 Earnings per shares: Income from continuing operations before -extraordinary item 0.93 Extraordinary loss 0.24 Net income of earnings per shares 0.69...
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