Preparation of multi-step Income Statement with net income.
The 2007 income statement for Lozier Company is shown below:
|
Net sales
|
$189,060
|
|
Cost of goods sold
|
135,780
|
|
|
53,280
|
|
General and administrative expenses
|
38,920
|
|
|
14,360
|
|
Interest expense
|
240
|
|
|
14,120
|
|
Income tax expense
|
5,648
|
|
|
8,472
|
|
Discontinued operations
|
2,804
|
|
|
5,668
|
Required:
a. What was Lozier's gross profit?
b. What was Lozier's income from operations?
c. What was Lozier's income before income tax?
d. What was Lozier's income from continuing operations?
e. What was Lozier's net income?