Question

Presented below are selected ledger accounts of Sheridan Corporation as of December 31, 2020.

Cash		$46,000
Administrative expenses		92,000
Selling expenses		73,600
Net sales		496,800
Cost of goods sold		193,200
Cash dividends declared (2020)		18,400
Cash dividends paid (2020)		13,800
Discontinued operations (loss before income taxes)		36,800
Depreciation expense, not recorded in 2019		27,600
Retained earnings, December 31, 2019		82,800
Effective tax rate 20% Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 10,000 shares of common stock were outstanding during 2020. (Round earnings per share to 2 decimal places, e.g. 1.58.) SHERIDAN CORPORATION Income Statement December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017 Discontinued Operations, Net of TaxEarnings Per ShareIncome From Continuing Operations Before Income TaxIncome TaxIncome From Continuing OperationsLoss on Discontinued Operations, Net of TaxNet Income / (Loss) $ Discontinued Operations, Net of TaxEarnings Per ShareIncome From Continuing Operations Before Income TaxIncome TaxIncome From Continuing OperationsLoss on Discontinued Operations, Net of TaxNet Income / (Loss) Discontinued Operations, Net of TaxEarnings Per ShareIncome From Continuing Operations Before Income TaxIncome TaxIncome From Continuing OperationsLoss on Discontinued Operations, Net of TaxNet Income / (Loss) Discontinued Operations, Net of TaxEarnings Per ShareIncome From Continuing Operations Before Income TaxIncome TaxIncome From Continuing OperationsLoss on Discontinued Operations, Net of TaxNet Income / (Loss) Discontinued Operations, Net of TaxEarnings Per ShareIncome From Continuing Operations Before Income TaxIncome TaxIncome From Continuing OperationsLoss on Discontinued Operations, Net of TaxNet Income / (Loss) $ Discontinued Operations, Net of TaxEarnings Per ShareIncome From Continuing Operations Before Income TaxIncome TaxIncome From Continuing OperationsLoss on Discontinued Operations, Net of TaxNet Income / (Loss) :     Discontinued Operations, Net of Tax    Earnings Per Share    Income From Continuing Operations Before Income Tax    Income Tax    Income From Continuing Operations    Loss on Discontinued Operations, Net of Tax    Net Income / (Loss)     $    $

Answer 1

Income Statement- Sheridan Corporation
Income From Continuing Operations Before Tax	$138,000.00
Less: Income Tax @20%	$27,600.00
Income From Continuing Operations After Tax		$110,400.00
Income /Loss from Discontinued Operations	-$36,800.00
Less: Income Tax @20%	$7,360.00	-$29,440.00
Net Income		$80,960.00
Earnings Per Share :
Income From Continuing Operations (110400/10000)	$11.04
Loss On Discontinued Operations, Net Of Tax	-$2.94
Net Income	$8.10

Computation of Income From Continuing Operation
Net Sales	$496,800.00
Less: COGS	$193,200.00
Selling Expense	$73,600.00
Administrative Expense	$92,000.00
Net Income	$138,000.00