Homework Answers
|
DONALDSON CORP. MULTI STEP INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31 2017 |
||
| Net sales | 1950000 | |
| cost of goods sold | (1200000) | |
| Gross margin | 750000 | |
| Operating expense | ||
| Selling expense | 95000 | |
| Administrative expense | 70000 | |
| Total operating expense | (165000) | |
| Income from operations | 585000 | |
| Other revenue /gain | ||
| Dividend revenue | 30000 | |
| Interest revenue | 20000 | 50000 |
| Other expenses/losses | ||
| Interest expense | 45000 | |
| write off of goodwill due to impairment | 75000 | (120000) |
| Income before tax expense | 515000 | |
| less:Income tax expense (515000*30%) | (154500) | |
| Income from continuing operations | 360500` | |
| Discontinued operations | ||
| Loss from operations of discontinued component of business ,net of tax [-240000(1-.30)] | -168000 | |
|
Gain from disposal of component of business [300000(1-.30)] |
210000 | 42000 |
| Net income | 402500 | |
| Per share of common stock | ||
| Income from continuing operations [360500/200000] | $1.80 | |
| Discontinued operations [ 42000/200000] |
$ .21 |
|
| Net income | $ 2.01 | |
**Earning per share = [Net income -preferred dividend if any ]/number of common shares outstanding
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