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The preliminary 2013 income statement of Alexian Systems, Inc.

Question # 00269374
Subject: Business
Topic: General Business
Due on: 06/02/2016
Posted On: 05/03/2016 11:59 AM

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The preliminary 2013 income statement of Alexian Systems, Inc., is presented below:
ALEXIAN SYSTEMS, INC.
Income Statement
For the Year Ended December 31, 2013
($ in millions, except earnings per share)
Revenues and gains:
Net sales$490
Interest21
Other income119
Total revenues and gains630
Expenses:
Cost of goods sold288
Selling and administrative202
Income taxes42
Total expenses532
Net Income$98
Earnings per share$3.50
Additional information:
1.Selling and administrative expenses include $44 million in restructuring costs.
2.Included in other income is an extraordinary gain of $110 million. The remaining $9 million is from the gain on sale of investments.
3.Cost of goods sold was increased by $4 million to correct an error in the calculation of 2012Ac€?cs ending inventory. The amount is material.
Required:

Prepare a revised income statement for 2013 reflecting the additional facts. Use a multiple-step format. Assume that an income tax rate of 30% applies to all income statement items, and that 28 million shares of common stock were outstanding throughout the year. (Enter your answers in millions except earnings per share. Round EPS answers to 2 decimal places.)

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