plz help with all partsHomework Answers
1. Income from continuing operations before taxes: 1392000
Gain on disposal of equipment: +48000 (part of current year gain)
Income from continuing operations before taxes: = 1440000
2. Income tax expense would be :
Total income * tax rate/100
Calculation of total taxable income:
Income from continuing operations+ prior year profit + income from continuing operations
1440000+318000-606000= 1152000
Tax = 1152000*.20= 230400
3. Income from discontinued operations: 606000 - 606000*.20 (as it will be considered as tax saving)
= 484800 this is net loss from discontinuing operations
4. Calculation of earning per share :
Net Income : 600000
- Preference dividends: 100000
= Income available for equity shareholders 500000
- common stock dividends = 60000
= Net income available for equity shareholders 440000
No of equity shares 250000 (given in the question)
Earning per share = net income available for equity shareholders / no of weighted avg shares
440000-250000 = 1.76 $
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plz help with all parts
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