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 $ 460
Interest 16
Other income 180
Total revenues and gains 656
Expenses:
Cost of goods sold 300
Selling and administrative 156
Income taxes 60
Total expenses 516
Net Income $ 140
Earnings per share $ 4.00
Additional information:
1. Selling and administrative expenses include $39 million in restructuring costs.
2. Included in other income is an extraordinary gain of $170 million. The remaining $10 million is from the gain on sale of investments.
3. Cost of goods sold was increased by $5 million to correct an error in the calculation of 2012's ending inventory. The amount is material.