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Presented below is an income statement for Kinder Company for the year ended December 31, 2022. Kinder Company Income Statement For the Year Ended December 31, 2022 Net sales £850,000 Costs and expenses: Cost of goods sold £640,000

Presented below is an income statement for Kinder Company for the year ended December 31, 2022. Kinder Company Income Statement For the Year Ended December 31, 2022 Net sales £850,000 Costs and expenses: Cost of goods sold £640,000

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.8MCP
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Presented below is an income statement for Kinder Company for the year ended December 31, 2022. Kinder Company Income Statement For the Year Ended December 31, 2022 Net sales £850,000 Costs and expenses: Cost of goods sold £640,000 Selling, general, and administrative expenses 70,000 Other, net 20,000 730,000 Income before income taxes 120,000 Income taxes 36,000 Net income £84,000 Additional information: 1. "Selling, general, and administrative expenses" included a charge of £7,000 for impairment of intangibles. 2. "Other, net" consisted of interest expense, £5,000, and a discontinued operations loss of £15,000 before taxes. If the loss had not occurred, income taxes for 2022 would have been £40,500 instead of £36,000. 3. Kinder had 20,000 ordinary shares outstanding during 2022. Prepare a corrected income statement, including the appropriate per share disclosures. (Round earnings per share to 2 decimal places, e.g. $1.48. Enter negative amounts using either a negative sign preceding the number e.g. -45.00 or parentheses e.g. (45.00).) Kinder Company Income Statement For the Year Ended December 31, 2022 Net sales 850000 Cost of Goods Sold 640000 Gross Profit / (Loss) 210000 £.
Transcribed Image Text:Presented below is an income statement for Kinder Company for the year ended December 31, 2022. Kinder Company Income Statement For the Year Ended December 31, 2022 Net sales £850,000 Costs and expenses: Cost of goods sold £640,000 Selling, general, and administrative expenses 70,000 Other, net 20,000 730,000 Income before income taxes 120,000 Income taxes 36,000 Net income £84,000 Additional information: 1. "Selling, general, and administrative expenses" included a charge of £7,000 for impairment of intangibles. 2. "Other, net" consisted of interest expense, £5,000, and a discontinued operations loss of £15,000 before taxes. If the loss had not occurred, income taxes for 2022 would have been £40,500 instead of £36,000. 3. Kinder had 20,000 ordinary shares outstanding during 2022. Prepare a corrected income statement, including the appropriate per share disclosures. (Round earnings per share to 2 decimal places, e.g. $1.48. Enter negative amounts using either a negative sign preceding the number e.g. -45.00 or parentheses e.g. (45.00).) Kinder Company Income Statement For the Year Ended December 31, 2022 Net sales 850000 Cost of Goods Sold 640000 Gross Profit / (Loss) 210000 £.
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