Revised Income statement for Alexian Systems Inc.
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Alexian Systems Inc
Income Statement
For the Year ended December 31, 2011
Revenues and gains:
Net Sales $425
Interest $3
Other income $126
Total revenues and gains $554
Expenses
Cost of goods sold $270
Selling and administrative $154
Income taxes $52
Total expenses $476
Net income $78
Earnings per share $4
1. Selling and administration expenses include $26 milllion in restructuring costs.. .
2. Included in other income is an extraordinary gain of $120 million. The reamining $6 million is from the gain on the sale of investments.
3. Costs of goods sold was increased by $5 million to correct an err or in the calculation of 2010's ending inventory. The amount is material.
Prepare a revised income statement reflecting the additional facts. Use a multiple-step format. Assume that an income tax rate of 40% applies to aall income statement items and that 20 million shares of common stock were outstanding throughout the year.
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Solution Summary
The solution prepares Revised Income statement for Alexian Systems Inc. using a multiple-step format.
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