Premium Essay

Lol Income Taces Cumulative

In: Business and Management

Submitted By erinyu2004
Words 1720
Pages 7
Handout 1 — LOL Draft Income Statement and Excerpt From Tax Footnote as of December 31, 2010

|LOL Corporation |
|CONSOLIDATED STATEMENT OF OPERATIONS |
|Years ended December 31, 2010, 2009, and 2008 |
|(in thousands) |
| |2010 |2009 |2008 |
| | | | |
|Revenues, net | 2,000,000 | 1,900,000 | 1,800,000 |
|Cost of goods sold | 1,400,000 | 1,250,000 | 1,200,000 |
|Gross profit | 600,000 | 650,000 | 600,000 |
|Selling, general, and administrative expense | 500,000 | 500,000 | 400,000 |
|Goodwill impairment | 750,000 | - | - |
|Operating income (loss) | (650,000) | 150,000 | 200,000 |
|Interest expense, net | 50,000 | 50,000 | 50,000 |
|Income (loss) before provision for income taxes | (700,000) | 100,000 | 150,000...

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