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The preliminary 2013 income statement of Alexian Systems, Inc., is presented below:
ALEXIAN SYSTEMS, INC.Income StatementFor the Year Ended December 31, 2013($ in millions, except earnings per share)Revenues and gains:Net sales .......... $ 425Interest ......... 3Other income....... . 126Total revenues and gains .... 554Expenses:Cost of goods sold..... . 270Selling and administrative .....154Income taxes ....... 52Total expenses ....... 476Net Income ....... $ 78Earnings per share ....... $3.90Additional Information:1. Selling and administrative expenses include $26 million in restructuring costs.2. Included in other income is an extraordinary gain of $120 million. The remaining $6 million is from the gain on sale of investments.3. Cost of goods sold was increased by $5 million to correct an error in the calculation of 2012s ending inventory.The amount is material.Required:For each of the three additional facts listed above, discuss the appropriate presentation of the item described. Do not prepare a revised statement.
Does not include TIP results. Includes cost of goods sold1. Compute operating income for RIM and TIP, separately, and the total operating income for both.2. If the results in part 1 for TIP are typical, why do you believe RIM decided to sell..
the charges to work in process - assembly department for a period together with information concerning production are
american movieplex a large movie theater chain leases most of its theater facilities. in conjunction with recent
How much income must Terry recognize when she receives the stock dividend and how much gain or loss must Terry recognize when she sells the preferred stock?
Flint Hills Company's most recent financial statements showed dismal performance. There was a net loss of $10,000 and the Statement of Cash Flows showed a net cash decrease in all categories. The company president called all the managers together ..
Determine the inventory turnover ratio and average days to sell inventory for the current year and explain the meaning of each number.
In your own words, explain what the advantage is of analyzing a company's financial statements over a series of years rather than just for the current period?
In 2004, Parrot Company sold land to its subsidiary, Tree Corporation, for $12,000. It had a book value of $10,000. In the next year, Tree sold the land for $18,000 to an unaffiliated firm. Which of the following is correct?
grassy fertilizer manufactures two lines of garden grade fertilizeras part of a joint production process gf10 and gf20.
In our real life, the value of assets cannot be estimated perfectly because we cannot be certain for the future cash flows that the asset generates, and also we cannot be certain for the discount rate.
1. the following information will be used for all 5 of the following computational questions. in reviewing the books
the following excerpt is from an article reported in the april 27 2011 online issue of reuters.dupont co dd.n said
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