Computation of Gross Profit Percentage Refer to the IBM information in Exhibit 4-5. Compute the overall gross profit percentage for 2009, 2010, and 2011. Income from Continuing Operations Refer to the IBM information in Exhibit 4-5. Compute income from continuing operations as a percentage of total revenue for 2009, 2010, and 2011 Computation of Income from Continuing Operations Use the following information to compute income from continuing operations. Assume that the income tax rate on all items is 40%. Cost of goods sold Interest expense Income (loss) from discontinued s 5,000 Extraordinary loss S (350) 12,000 750 (300) 900 Sales Dividends Loss on sale of discontinued operations (1,500) 1.450 Selling and administrative expense Computation of Income from Discontinued Operations Fleming Company has two divisions, E and N. Both qualify as business components. In 2015, the firm de- cides to dispose of the assets and liabilities of Division N; it is probable that the disposal will be completed early next year. The revenues and expenses of Fleming for 2014 and 2015 are as follows: 2015 2014 Sales-E Total nontax expenses-E. Sales-N Total nontax expenses-N 0 $5,000 4400 3,500 $4,600 4,100 5,100 4,500 During the later part of 2015, Fleming disposed of a portion of Division N and recognized a pretax loss of $2,000 on the disposal. The income tax rate for Fleming Company is 30% Prepare the 2015 comprar tive income statement. Computation of Income from Discontinued Operations Refer to the data in Practice 4-12. Repeat the exercise, assuming that Division E is being discontinued assume that instead of a $2,000 pretax loss on the disposal, there was a $1,500 pretax gain. Gains and Losses on Extraordinary Items Use the following information to compute income from continuing operations and net income. Assurne the income tax rate on all items is 40%. Cost of goods sold Interest expense $ (800 25,000 $14,000 Loss from an unusual and infequent even so 2400 Sales Loss from an unusual but frequent event (3,000) Gain from a normal but infrequent evento Selling and administrative expense