Question

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The following incorrect income statement was prepared by the accountant of the Axel Corporation: $670,000 40,000 87, eee 797,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $365,000 Selling expense 67,000 Administrative expense 87,000 Interest expense 24,000 Restructuring costs 63,000 Income tax expense 47,750 Total expenses and losses Net Income Earnings per share 653,750 $143,250 $ 1.43 1 < Prey 4 of 6 Next >

Answer 1

Income statement

Particulars	Amount ($)	Amount ($)
Sales		670000
Cost of goods sold		365000
Gross profit		305000
Operating expenses
Selling expenses	67000
Administrative expense	87000
Restructing costs	63000
Total operating expenses		217000
Operating income		88000
Other income (expense)
Interest expense	(24000)
Interest revenue	40000
Gain on sale of investment	87000
Total other income (net)		103000
Income before income tax		191000
Income tax expense		47750
Net income		143250
Earning per share		1.43

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