Question Three- Ch.4The preliminary 2024 income statement ofin Millions):Revenues and gains:Sales revenue OInterest revenueALEXIAN SYSTEMS, INCORPORATEDIncome StatementFor the Year Ended December 31, 2024Other IncomeTotal revenues and gainsExpenses:Cost of goods sold oSelling and administrative expenseIncome tax expenseTotal expensesNet IncomeAdditional information:Alexian SystemsIncome statement562For the year ended December 31. 24ale revenuecost of Good Sold$56201207042891831. Selling and administrative expense includes $45 million in restructuring costs.2. Included in other income is $115 million in income from a discontinued operation. Thisconsists of $90 million in operating income and a $25 million gain on disposal. Theremaining $5 million is from the gain on sale of investments.3. Cost of Goods Sold in 2024 includes an increase of $5 million to correct an understatement cCost of Goods Sold in 2023. The amount is material. (Hint: recalculate current year COGtaking into account this information)58530$174

The tax rate is not given in the question and it has been assumed the same income tax expense for…

Answered: 3. Cost of Cost of Goods Sc taking into…

3. Cost of Cost of Goods Sc taking into account this int Alexian Systems Income statement 562 For the year ended December 31. 24 le revenue ost of Good Sold

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

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