Answered step by step
Verified Expert Solution
Question
1 Approved Answer
How is alring for Kinder Company for the year ended December 31, 2022. Kinder Company Income Statement For the Year Ended December 31, 2022
How is alring 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. 2. "Selling, general, and administrative expenses" included a charge of 7,000 for impairment of intangibles. "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, eg. $1.48. Enter negative amounts using either a negative sign preceding the number eg. -45.00 or parentheses eg. (45.00).)
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