Prepare an income statement for lawson company for the year

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Reference no: EM13482208

Lawson Company's accounting system listed the following information for the company's 2007 fiscal year (inmillions):

Average common shares outstanding 2.5

Cost of goods sold $173.2

Extraordinary gain 19.4

Gain on sale of securities 7.4

General and administrative expenses 73.3

Income taxes (35% of pretaxincome)

Interest expense 10.0

Interest income 5.7

Loss associated with cumulative effectof accounting change 4.0

Loss from discontinued operations 12.3

Sales of merchandise 318.6

Selling expenses 28.5

Required Prepare an income statement for Lawson Company for the year ended December 31, 2007. Assume that the tax rate of 35% applies to special items as well as ordinary income. Discontinued operations are listed before extraordinary items, which are listed before accounting changes.

Reference no: EM13482208

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