Question - Walmart data below, prepare, in good form, a Multiple Step Income Statement for year ending December 31, 2012.
Data:
|
Cost of Goods Sold
|
335,127,000
|
|
Depreciation Expense
|
10,265,000
|
|
Extraordinary loss
|
50,000
|
|
Income from operating discontinued clothing line
|
100,000
|
|
Insurance Expense
|
10,000,000
|
|
Interest Expense
|
2,322,000
|
|
Loss from Effects of Strike
|
62,000
|
|
Loss on disposal of discontinued clothing line
|
167,000
|
|
Rent Expense
|
15,000,000
|
|
Salaries Expense
|
50,000,000
|
|
Sale of Equipment
|
224,000
|
|
Sales
|
446,950,000
|
The company has a tax rate of 30%.
The company did not pay any preferred dividends
The company is NOT in the business of selling equipment.
The company has 3,500,000 shares of common stock outstanding.