Ask Experts Questions for FREE Help!
 

Free Answers in 3 Easy Steps

Register Now
3 Steps
 


Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.
  Answer this Question    Ask about Finance & Accounting    Ask about another Subject  
 

lashann
Nov 2, 2008, 09:58 AM
I really do need help. I have started on my assignment and I am not sure where to go from here. How should my income statement look based on the information below.

Average common shares outstanding 2.5
cost of goods sold 173.2
extraordinary gain 19.4
gain on sale of securities 7.4
general & administrative expenses 73.3
income taxes (35% of pretax income)
interest expense 10.0
interest income 5.7
loss associated w/cumulative effect of accounting change 4.0
loss from discontinued operations 12.3
sales of merchandise 318.6
selling expenses 28.5


Sales 318.6
Cost of Goods Sold (173.20)
Gross Profit 145.40
General & Administrative Expenses (73.30)
Selling Expenses (28.50)
Operating Income 43.60
Interest Expense (10.00)
Pre-Tax Income 33.60
Income Taxes (11.76)
Net Income 21.84