Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ALEXIAN SYSTEMS, INCORPORATED Income Statement For the Year Ended December 31, 2024 ($inmillionsexceptpersharedata) Additional informotion: 1. Selling and administrative expense includes $38 million in restructuring
ALEXIAN SYSTEMS, INCORPORATED Income Statement For the Year Ended December 31, 2024 ($inmillionsexceptpersharedata) Additional informotion: 1. Selling and administrative expense includes $38 million in restructuring costs. 2 Included in other income is $132 million in income from a discontinued operation. This consists of $90 million in operating income and a $42 million gain on disposal. The remaining $6 million is from the gain on sale of investments. 3. Cost of Goods Sold in 2024 includes an increase of $4 milion to correct an understatement of Cost of Goods Sold in 2023 . The amount is material. Required: pare a revised income statement for 2024 reflecting the additional facts. Use a multiple-step format. Assume that an income tax. rate of 25% applies to all income statement items, and that 10 million shares of common stock were outstanding throughout the year Note: Enter your answers in millions rounded to 2 decimal places, Round EPS answers to 2 decimal places. The preliminary 2024 income statement of Alexian Systems, Incorporated, is presented below: Additional information: 1. Selling and administrative expense includes $38 million in restructuring costs. 2. Included in other income is $132million in income from a discontinued operation. This consists of $90 income and a $42 million gain on disposal. The remaining $6 million is from the gain on sale of investm 3 Cost of Gonds Snid in 2024 incldidec an increace nf $4 million in sorrect an iunderstatement of Cost of
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started