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    Parnevik Corp

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    rahma2409
    Parnevik Corp. had $1,085,000 in net sales revenue for 2010 after $195,000 in sales returns and discounts, and earned a gross profit of $464,000. After $291,000 in selling, administrative, and general expenses, and a $120,000 loss from impaired assets, Parnevik had $139,000 in income from operations. After $60,000 in interest expense, Parnevik's income before tax was $79,000, resulting in net income of $52,140 for the year, or earnings per share of $0.52.

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    Parnevik Corp

    Uploaded by

    rahma2409
    324 views1 page
    Parnevik Corp. had $1,085,000 in net sales revenue for 2010 after $195,000 in sales returns and discounts, and earned a gross profit of $464,000. After $291,000 in selling, administrative, and general expenses, and a $120,000 loss from impaired assets, Parnevik had $139,000 in income from operations. After $60,000 in interest expense, Parnevik's income before tax was $79,000, resulting in net income of $52,140 for the year, or earnings per share of $0.52.

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    Parnevik Corp. had $1,085,000 in net sales revenue for 2010 after $195,000 in sales returns and discounts, and earned a gross profit of $464,000. After $291,000 in selling, administrative, and general expenses, and a $120,000 loss from impaired assets, Parnevik had $139,000 in income from operations. After $60,000 in interest expense, Parnevik's income before tax was $79,000, resulting in net income of $52,140 for the year, or earnings per share of $0.52.

    Copyright:

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    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    324 views1 page

    Parnevik Corp

    Uploaded by

    rahma2409
    Parnevik Corp. had $1,085,000 in net sales revenue for 2010 after $195,000 in sales returns and discounts, and earned a gross profit of $464,000. After $291,000 in selling, administrative, and general expenses, and a $120,000 loss from impaired assets, Parnevik had $139,000 in income from operations. After $60,000 in interest expense, Parnevik's income before tax was $79,000, resulting in net income of $52,140 for the year, or earnings per share of $0.52.

    Copyright:

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    of 1

    PARNEVIK CORP.

    Income Statement
    For the Year Ended December 31, 2010
    Sales Revenue
    Sales ................................................................................. $1,280,000
    Less: Sales returns and allowances ............. $150,000
    Sales discounts ................................................. 45,000
    195,000
    Net sales revenue ............................................................. 1,085,000
    Cost of goods sold............................................................... 621,000
    Gross profit ................................................................................... 464,000
    Selling expenses............................................. 194,000
    Admin. and general expenses......................... 97,000

    291,000
    173,000

    Other Income and Expense


    Loss from impairment of plant assets........ (120,000)
    Interest revenue............................................... 86,000
    34,000
    Income from operations...................................................... 139,000
    Interest expense .................................................................... 60,000
    Income before income tax.............................................................. 79,000
    Income tax ($79,000 X .34).................................................... 26,860
    Net income.................................................................................... $ 52,140
    Earnings per share ($52,140 100,000)............................................. $52

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