Question

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The preliminary 20 21 income statement of Alexion Systems, Inc., is presented below: ALEXIAN SYSTEMS, INC. Income Statement For the Year Ended December 31, 2021 ($ in millions, except earnings per share) Revenues and gains: Sales revenue Interest revenue Other income Total revenues and pains Expenses: Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income Earnings per share Additional Information: 1. Selling and administrative expense includes $27 million in restructuring costs. 2. Included in other income is $120 million in income from a discontinued operation. This consists of $90 million in operating income and a $30 million gain on disposal. The remaining $7 million is from the gain on sale of investments 3. Cost of goods sold 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 0.00 0.00 1 0 Total other income Income from continuing operations before income taxes .00 0.00 0.00 Income from continuing operations Discontinued operations: 0.00 Income on discontinued operations Net income Earnings per share: Net income

Answer 1

Answer:

ALEXIAN SYSTEMS, INC
Income Statement
For the year ended December 31, 2018
($ in millions except per share date)
	Amount ($)	Amount ($)
Net Sales Revenue		437
Cost of goods sold (246-10)		(236)
Gross Profit		201
Operating Expenses :
Selling and Administrative Expenses (151-27)	124
Restructuring cost	27
Total Operating Expenses		(151)
Operating Income		50
Other Income:
Interest Revenue	5
Gain on sale of investment	7
Total Other Income		12
Income from continuing operations before tax		62
Income taxes (62 x 25%)		(15.5)
Income from continuing operations		46.5
Discontinues Operations :
Income from operations of discontinued component	120
Income tax expenses (120 x 25%)	(30)	90
Net Income		136.5
Earning Per share
Income from continuing operations = 46.5/10 million shares		4.65 per share
Discontinued operations 90/10		9 per share
Net Income 136.5/10		13.65