La-Z-Boy Incorporated is a manufacturer, marketer, and retailer of upholstery products and a marketer of imported and manufactured wood furniture products. The following excerpt is taken from the income statement included in La-Z-Boy’s 2009 annual report. All dollar amounts are in thousands.

1. What line items shown in the excerpts from La-Z-Boy’s income statement do you consider to be unusual or nonrecurring items? Defend your response.
2. Adjust operating income (loss) as reported to “recurring operating income” in each of the 3 years represented.
3. Comment on the trends in sales and operatingincome.

  • CreatedFebruary 20, 2015
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