(Supplement) Preparing a Multiple-Step Income Statement with Discontinued Operations and Cumulative Effects of Accounting Changes
Newell Rubbermaid Inc. manufactures and markets a broad array of office products, tools and hardware, and home products under a variety of brand names, including Sharpie. Paper Mate, Rolodex. Rubber-maid. Levolor, and others. The items reported on its income statement for the year ended December 31, 2008. are presented here (dollars in thousands) in alphabetical order:
Cost of Products Sold | $4.347.4 |
Income Tax Expense | 53.6 |
Interest and Other Non-operating Expense | 199.0 |
Loss on Sale of Discontinued Operations. |
|
Net of Income Taxes | (0.5) |
Net Sales | 6,470.6 |
Other Expense | 419.7 |
Selling, General, and Administrative Expenses | 1,502.7 |
Required:
Using appropriate headings and subtotals, prepare a multiple-step consolidated income statement (showing gross profit, operating income, and any other subheadings you deem appropriate).
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