Income Statement and Earnings per Share for Discontinued Operations Apex Inc. reports the following for a...
Income Statement and Earnings per Share for Discontinued Operations
Apex Inc. reports the following for a recent year:
| Income from continuing operations before income tax expense | $1,000,000 | |
| Loss from discontinued operations | $240,000* | |
| Weighted average number of shares outstanding | 20,000 | |
| Applicable tax rate | 40% | |
| *Net of any tax effect. |
a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense.
| Apex Inc. | |
| Partial Income Statement | |
| For the Year Ended December 31 | |
| Income from continuing operations before income tax expense | $ |
| Income tax expense | |
| Income from continuing operations | $ |
| Loss on discontinued operations | |
| Net income | $ |
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b. Determine the earnings per common share for Apex Inc., including per-share amounts for unusual items.
| Apex Inc. | |
| Partial Income Statement | |
| For the Year Ended December 31 | |
| Earnings per common share: | |
| Income from continuing operations | $ |
| Loss from discontinued operations | |
| Net income | $ |
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Income Statement and Earnings per Share for Discontinued
Operations
Apex Inc. reports the following for a...
Apex Inc. reports the following for a recent year: Income from continuing operations before income tax...
Apex Inc. reports the following for a recent year: Income from continuing operations before income tax $1,860,000 Loss from discontinued operations $235,000* Weighted average number of shares outstanding 10,000 Applicable tax rate 40% *Net of any tax effect A. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax.** B. Determine the earnings per common share for Apex Inc., including per-share amounts for unusual items.** ** Refer to the list of Labels and...
Earnings per Share Mangold Corporation reported income from continuing operations of $76,800 and loss from discontinuing...
Earnings per Share Mangold Corporation reported income from continuing operations of $76,800 and loss from discontinuing a segment (net of taxes) of $6,400 for the current year. Mangold had 80,000 common shares outstanding for the entire year. Show how Mangold would report its earnings per share for the current year. Round your answers to the nearest cent. MANGOLD CORPORATION Income Statement (Partial) For Year Ended December 31, Current Year Components of Income EPS Income from continuing operations $ Loss from...
Return to The following are partial income statement account balances taken from the December 31, 2021....
Return to The following are partial income statement account balances taken from the December 31, 2021. year-end trial balance of White and Sons, Inc.: restructuring costs, $470,000; interest revenue, $57,000, before tax loss on discontinued operations, $570,000; and loss on sale of investments, $67,000. Income tax expense has not yet been recorded. The income tax rate is 25% Prepare the lower portion of the 2021 income statement beginning with $885,000 income from continuing operations before income taxes. Include appropriate EPS...
Only need the values of income from operations of discontinued component, Income tax expense, income from...
Only need the values of income from operations of discontinued
component, Income tax expense, income from continuing operations
and income on discontinued operations. Thanks
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Income Statement Pallest Corporation reported the following pretax information for its current fiscal year: $40,000 income from continuing operations and an $8,000 loss arising from discontinuing a segment (it was simply closed, no gain or loss on sale). Pallest is subject to a 30% income tax rate and had 8,000 shares of common stock outstanding for the year. Starting with pretax income from continuing operations, prepare a partial income statement for Pallest for the current year. Be sure to include...
Counting Crows Inc. provided the following information for the year 2020. Retained earnings, January 1, 2020...
Counting Crows Inc. provided the following information for the
year 2020.
Retained earnings, January 1, 2020
$
600,000
Administrative expenses
240,000
Selling expenses
300,000
Sales revenue
1,900,000
Cash dividends declared
80,000
Cost of goods sold
850,000
Loss on discontinued operations
110,000
Rent revenue
102,700
Unrealized holding gain on available-for-sale debt
securities
17,000
Income tax applicable to continuing operations
187,000
Income tax benefit applicable to loss on discontinued
operations
60,500
Income tax applicable to unrealized holding gain on
available-for-sale debt securities...
Problem 4-1 The following is a partial trial balance for Apex Computer Corporation as of December...
Problem 4-1
The following is a partial trial balance for Apex Computer
Corporation as of December 31, 2016:
Apex Computer Corporation
Partial Trial Balance
December 31, 2016
Account Title
Debits
Credits
Sales Revenue
3,400,000
Interest Revenue
35,000
Gain on sale of investments
30,000
Cost of goods sold
2,250,000
Restructuring costs
400,000
Administrative expense
450,000
Selling expense
150,000
Interest expense
20,000
500,000 shares of common stock were outstanding throughout 2016.
Income tax expense has not yet been accrued. The income tax...
1 10 points The following are partial Income statement account balances taken from the December 31,...
1 10 points The following are partial Income statement account balances taken from the December 31, 2021. year-end trial balance of White and Sons, Inc. restructuring costs, $350,000, interest revenue, $45.000, before-tax loss on discontinued operations, $450,000, and loss on sale of investments, $55,000. Income tax expense has not yet been recorded. The Income tax rate is 25% Prepare the lower portion of the 2021 income statement beginning with $825,000 Income from continuing operations before income taxes. Include appropriate EPS...
Problem 4-6 (Algo) Income statement presentation; Discontinued operations; EPS (LO4-1, 4-3, 4-4, 4-5) Rembrandt Paint Company...
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Sage Hill Inc reported income from continuing operations before taxes during 2017 of $2,300,000. Additional transactions...
Sage Hill Inc reported income from continuing operations before taxes during 2017 of $2,300,000. Additional transactions occurring in 2017 but not considered in the $2,300,000 are as follows. 1. Again of $107.000 (pretax) as a result of selling securities from its investment portfolio. 2. A $24,000 loss before taxes as a result of operating the discontinued clothing division during 2017 3. A loss of $66,000 before taxes as a result of disposing of its clothing division. Assume that this transaction...
Return to The following are partial income statement account balances taken from the December 31, 2021. year-end trial balance of White and Sons, Inc.: restructuring costs, $470,000; interest revenue, $57,000, before tax loss on discontinued operations, $570,000; and loss on sale of investments, $67,000. Income tax expense has not yet been recorded. The income tax rate is 25% Prepare the lower portion of the 2021 income statement beginning with $885,000 income from continuing operations before income taxes. Include appropriate EPS...
Only need the values of income from operations of discontinued
component, Income tax expense, income from continuing operations
and income on discontinued operations. Thanks
Rembrandt Paint Company had the following Income statement Items for the year ended December 31, 2021 ($ in thousands): Sales revenue Interest revenue Interest expense $ 27,00€ 282 480 Cost of goods sold Selling and administrative expense Restructuring costs $ 15,000 3,400 1,7ee In addition, during the year the company completed the disposal of its plastics...
Income Statement Pallest Corporation reported the following pretax information for its current fiscal year: $40,000 income from continuing operations and an $8,000 loss arising from discontinuing a segment (it was simply closed, no gain or loss on sale). Pallest is subject to a 30% income tax rate and had 8,000 shares of common stock outstanding for the year. Starting with pretax income from continuing operations, prepare a partial income statement for Pallest for the current year. Be sure to include...
Counting Crows Inc. provided the following information for the
year 2020.
Retained earnings, January 1, 2020
$
600,000
Administrative expenses
240,000
Selling expenses
300,000
Sales revenue
1,900,000
Cash dividends declared
80,000
Cost of goods sold
850,000
Loss on discontinued operations
110,000
Rent revenue
102,700
Unrealized holding gain on available-for-sale debt
securities
17,000
Income tax applicable to continuing operations
187,000
Income tax benefit applicable to loss on discontinued
operations
60,500
Income tax applicable to unrealized holding gain on
available-for-sale debt securities...
Problem 4-1
The following is a partial trial balance for Apex Computer
Corporation as of December 31, 2016:
Apex Computer Corporation
Partial Trial Balance
December 31, 2016
Account Title
Debits
Credits
Sales Revenue
3,400,000
Interest Revenue
35,000
Gain on sale of investments
30,000
Cost of goods sold
2,250,000
Restructuring costs
400,000
Administrative expense
450,000
Selling expense
150,000
Interest expense
20,000
500,000 shares of common stock were outstanding throughout 2016.
Income tax expense has not yet been accrued. The income tax...
1 10 points The following are partial Income statement account balances taken from the December 31, 2021. year-end trial balance of White and Sons, Inc. restructuring costs, $350,000, interest revenue, $45.000, before-tax loss on discontinued operations, $450,000, and loss on sale of investments, $55,000. Income tax expense has not yet been recorded. The Income tax rate is 25% Prepare the lower portion of the 2021 income statement beginning with $825,000 Income from continuing operations before income taxes. Include appropriate EPS...
Problem 4-6 (Algo) Income statement presentation; Discontinued operations; EPS (LO4-1, 4-3, 4-4, 4-5) Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): Sales revenue $ 28,000 Interest 300 revenue Interest 500 expense Cost of goods sold Selling and administrative expense Restructuring costs $ 15,500 3,500 1,800 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2.6 million and...
Sage Hill Inc reported income from continuing operations before taxes during 2017 of $2,300,000. Additional transactions occurring in 2017 but not considered in the $2,300,000 are as follows. 1. Again of $107.000 (pretax) as a result of selling securities from its investment portfolio. 2. A $24,000 loss before taxes as a result of operating the discontinued clothing division during 2017 3. A loss of $66,000 before taxes as a result of disposing of its clothing division. Assume that this transaction...
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