Question

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, Rubbermaid, Levolor, and others. The items reported on its income statement for the year ended December 31 , 2011, are presented here (dollars in thousands) in alphabetical order: \begin{array}{ll}\text { Cost of Products Sold } & \$ 3,659.4\end{array} Tax Income Tax Expense 17.9 and Interest and Other Nonoperating Expense \quad 104.7 Loss on Sale of Discontinued Operations, Net of Income Taxes (9.4) Net Sales \quad 5,864.6 Other Expense \quad 432.7 \begin{array}{ll}\text { Selling, General, and Administrative Expenses } & 1,515.3\end{array} Using appropriate headings and subtotals, prepare a multiple-step consolidated income statement (showing gross profit, operating income, and any other subheadings you deem appropriate).

Answer 1

Income Taxes Using appropriate headings and subtotals prepare a multiple-step consolidated income statement.

An Income tax is a tax imposed on people or entities in admire of the income or profits earned by way of them. income tax generally is computed because the manufactured from a tax price instances the taxable earnings. Taxation fees can also vary by using the kind or characteristics of the taxpayer and the type of profits.

                Consolidated Income statement

                Particulars                                    Amount

Net Sales                                               $ 5,864. 6

Less: Expenses                                      

Cost of Products sold                         = $ 3,6594.4

           Gross Profit                               = $2,205.2

Less: Operating expenses                            

Selling general, and administrative expenses    $ 1,515.3

Other expenses                                                     $ 432.7

          Operating Income                                   = $ 275

Less: Non-operating expenses

Interest and other non-operating expenses   $ 104.7

 Income before Taxes                                   = 152.5

Less: Income Tax expense                            $ 17.9

 Income after Taxes                                   = $134.6

Less: Loss on sale of Discontinued Operations

(net of income taxes)                                            $9.4

          Net Income                                                   $ 125.2

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