Exhibit 6.18
Henry Company
Income Statement
(amounts in millions)
(Problem 6.18)
Year 12
Year 11
Year 10
Sales
$ 9,431
$ 8,821
$ 8,939
Gain on sale of branded product line
465
Cost of goods sold
(6,094)
(5,884)
(5,789)
Selling and administrative expenses
(1,746)
(1,955)
(1,882)
Interest income
27
23
25
Interest expense
(294)
(333)
(270)
Other income (expense)
(45)
1
(25)
Income before Income Taxes and Cumulative
Effect of Accounting Changes
$ 1,279
$ 673
$ 1,463
Income tax expense
(445)
(178)
(573)
Income before Extraordinary Item
$ 834
$ 495
$ 890
Extraordinary loss (net of taxes)
(17)
Net Income
$ 834
$ 478
$ 890