财务报表分析 第04章部分习题参考答案.doc

Chapter 4Income StatementPROBLEMSPROBLEM 41 Lesky Corporation Income Statement For the Year Ended December 31, 2003Revenue from sales $362,000Cost of products sold 242,000Gross profit 120,000 Operating expenses: Selling expenses $47,000 Administrative and general expenses 11,400 58,400Operating income 61,600Other items: Other income: Rental income $1,000 Interest income 2,400 3,400 Other expense: Interest expense (2,200)Income before tax 62,800Federal and state income taxes 20,300Net income $42,5003PROBLEM 42a. Taperline Corporation Income Statement For the Year Ended December 31, 2003Revenues: Sales $670,000 Rental income 3,600 Gain on the sale of fixed assets 3,000 Total revenues 676,600 Expenses: Cost of sales $300,000 Selling expenses 97,000 General and administrative expenses 110,000 Depreciation 10,000 Interest expense 1,900 518,900Income before extraordinary items and taxes on income 157,700Income tax 63,080Earnings before extraordinary item 94,620 Casualty loss $ 30,000 Less: Tax saving 12,000 18,000 Net income $ 76,620Earnings per share on common stock:(30,000 shares outstanding)Income before extraordinary items $3.15Net income $2.55 b. Taperline Corporation Income Statement For the Year Ended December 31, 2003 Sales $670,000 Cost of sales 300,000 Gross profit 370,000 Operating expenses Selling expenses $ 97,000 General and administrative expenses 110,000 Depreciation 10,000 217,000 Operating income 153,000 Other revenue: Rental income $ 3,600 Gain on the sale of fixed assets 3,000 6,600 159,600 Other expenses: Interest expense 1,900 Income before extraordinary items and taxes on income 157,700 Income tax 63,080 Income before extraordinary item 94,620 Casualty loss $ 30,000 Less: Tax saving 12,000 18,000 Net income $ 76,620 Earnings per share on comm