Supplement) Preparing a Multiple-Step Income Statement with Discontinued Operations and Cumulative Effects of Accounting Changes

Newell Rubbermaid Inc. manufactures and markets a broad array of office products, tools and hardware, and home products under a variety of brand names, including Sharpie, Paper Mate, Rolodex, Rubbermaid, Levolor, and others. The items reported on its income statement for the year ended December 31, 2008, are presented here (dollars in thousands) in alphabetical order:

Cost of Products Sold                                                $4,347.4

Income Tax Expense                                                    53.6

Interest and Other Non-operating Expense                199.0

Loss on Sale of Discontinued Operations,

Net of Income Taxes                                                   (0.5)

Net Sales                                                                      6,470.6

Other Expense                                                             419.7

Selling, General, and Administrative Expenses           1,502.7

Required:

Using appropriate headings and subtotals, prepare a multiple-step consolidated income statement (showing gross profit, operating income, and any other subheadings you deem appropriate).