Jones corporation Income statement For the Year ended decem ber 31. 2003 Net sales $93,600,000 Income from continuing operations before income tax $1,310,000 Income tax 620.000 Income from continuing operations $690,000 Loss on discontinued operations(Note A) 100.000 Income before extraordinary items and cumulative effect of a change in accounting principle $590,000 Extraordinary item: Gain on condemnation of land net of applicable income tax of $65,000 150,000 Cumulative effect on prior years of changing to different depreciation method(note B) 92,000 Net income $832,000 c12-11
C12 - 11 Jones Corporation Income Statement For the Year Ended December 31, 2003 Net sales $9,600,000 Income from continuing operations before income tax $1,310,000 Income tax 620,000 Income from continuing operations $ 690,000 Loss on discontinued operations (Note A) 100,000 Income before extraordinary items and cumulative effect of a change in accounting principle $ 590,000 Extraordinary item: Gain on condemnation of land, net of applicable income tax of $65,000 150,000 Cumulative effect on prior years of changing to different depreciation method (Note B) 92,000 Net income $832,000
Jones corporation Income statement For the Year ended decem ber 31. 2003 Net sales $93,600,000 Income from continuing operations before income tax $1,310,000 Income tax 620.000 Income from continuing operations 690,000 Loss on discontinued operations(Note A) 100.000 Income before extraordinary items and cumulative effect of a change in accounting principle $590,000 Extraordinary item: Gain on condemnation of land net of applicable income tax of $65,000 150,000 Cumulative effect on prior years of changing to different depreciation method (Note B) 92,000 Net income $832,000 c12-12
C12 - 12 Jones Corporation Income Statement For the Year Ended December 31, 2003 Net sales $9,600,000 Income from continuing operations before income tax $1,310,000 Income tax 620,000 Income from continuing operations $ 690,000 Loss on discontinued operations (Note A) 100,000 Income before extraordinary items and cumulative effect of a change in accounting principle $ 590,000 Extraordinary item: Gain on condemnation of land, net of applicable income tax of $65,000 150,000 Cumulative effect on prior years of changing to different depreciation method (Note B) 92,000 Net income $832,000
Jones corporation Income statement For the Year ended decem ber 31. 2003 Net sales $93,600,000 Income from continuing operations before income tax $1310,000 Income tax 620.000 Income from continuing operations $690,000 Loss on discontinued operations(Note A) 100,000 Income before extraordinary items and cumulative effect of a change Differences created by unusual items: Extraordinary item:discontinued operations, extraordinary Gain on condemn items, and change in methods applicable income tax oT $65, U00 150.000 Cumulative effect on prior years of changing to different depreciation method(note B) 92,000 Net income $832,000 c12-13
C12 - 13 Jones Corporation Income Statement For the Year Ended December 31, 2003 Net sales $9,600,000 Income from continuing operations before income tax $1,310,000 Income tax 620,000 Income from continuing operations $ 690,000 Loss on discontinued operations (Note A) 100,000 Income before extraordinary items and cumulative effect of a change in accounting principle $ 590,000 Extraordinary item: Gain on condemnation of land, net of applicable income tax of $65,000 150,000 Cumulative effect on prior years of changing to different depreciation method (Note B) 92,000 Net income $832,000 Differences created by unusual items: discontinued operations, extraordinary items, and change in methods
Jones corporation Income statement For the Year ended decem ber 31. 2003 Net sales $93,600,000 Income from continuing operations before income tax $1,310,000 Income tax 620.000 Income from continuing operations $690,000 Loss on discontinued operations(Note A) 100.000 Income before extraordinary items and cumulative effect of a change in accounting principle $590,000 Extraordinary item: Gain on condemnation of land net of applicable income tax of $65, 000 150,000 Cumulative effect on prior years of changing to different depreciation method (Note B) 92,000 Net income $832,000 c12-14
C12 - 14 Jones Corporation Income Statement For the Year Ended December 31, 2003 Net sales $9,600,000 Income from continuing operations before income tax $1,310,000 Income tax 620,000 Income from continuing operations $ 690,000 Loss on discontinued operations (Note A) 100,000 Income before extraordinary items and cumulative effect of a change in accounting principle $ 590,000 Extraordinary item: Gain on condemnation of land, net of applicable income tax of $65,000 150,000 Cumulative effect on prior years of changing to different depreciation method (Note B) 92,000 Net income $832,000