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The preliminary 2021 Income statement of Alexlan Systems, Inc., is presented below: 1 1 25 points ALEXIAN SYSTEMS, INC. Income Statement For the Year Ended
The preliminary 2021 Income statement of Alexlan Systems, Inc., is presented below: 1 1 25 points ALEXIAN SYSTEMS, INC. Income Statement For the Year Ended December 31, 2021 ($ in millions, except earnings per share) Revenues and gains: Sales revenue $ 440 Interest revenue 9 Other income 131 Total revenues and gains 580 Expenses : Cost of goods sold 250 Selling and administrative expense 154 Income tax expense 44 Total expenses 448 Net Income $ 132 eBook Print Earnings per share $13.20 References Additional Information: 1. Selling and administrative expense Includes $31 million in restructuring costs. 2. Included in other Income is $125 million in Income from a discontinued operation. This consists of $90 million in operating Income and a $35 million gain on disposal. The remaining $6 million is from the gain on sale of Investments 3. Cost of Goods Sold in 2021 was Increased by $10 million to correct an error in the calculation of 2020's ending Inventory. The amount is material. Required: Prepare a revised Income statement for 2021 reflecting the additional facts. Use a multiple-step format. Assume that an income tax rate of 25% applies to all Income statement Items, and that 10 million shares of common stock were outstanding throughout the year. (Enter your answers in millions rounded to 2 decimal places. Round EPS answers to 2 decimal places.) ALEXIAN SYSTEMS, INC. Income Statement For the Year Ended December 31, 2021 ($ in millions except per share date) Gross profit Operating expenses: Total operating expenses Operating income Other income: Total other income Income from continuing operations before income taxes Income from continuing operations Discontinued operations: Income on discontinued operations Net income Earnings per share: Net income
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