Question: I am working on the Chapter 10, Problem 1MC and currently I am doing the reformulation of the income statement . In the solutions for

I am working on the Chapter 10, Problem 1MC and currently I am doing the reformulation of the income statement. In the solutions for the reformulated income statement, there is a position called "gains on asset sales" (see picture below). I can not reproduce where they took these amounts from. Can I find it on the income statements, the balance sheet, equity statement or in the annual report itself (text)? I would be really thankful for a precise answer where to find it :-) thank you!I am working on the Chapter 10, Problem 1MC and currently I

Reformulated Income Statements 2010 2009 2008 Net sales 78,938 76,694 79,257 Cost of products sold 37,919 38,690 39,261 41,019 Gross margin 38,004 39,996 Advertising 7,519 8,567 8,520 1,864 1,946 Research and development 1,950 General and administrative 14,481 13,247 13,551 16,021 Operating income (from sales before tax) 15,374 15,979 4,101 Tax reported 3,733 3,594 Tax benefit of net interest 355 511 551 Tax on other Ol (27) 4,429 (178) 4,066 (165) 3,980 11,592 Operating income from sales (after tax) 11,308 11,999 Other operating income: Gains on asset sales 70 469 434 Tax at 38% 127) 43 (178) 291 (165) 269 Other operating income after tax: (4,464 3,129 Other comprehensive income 7,104) (304) (257) (283) Loss on ESOP preferred stock conversion

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!