Question

Cruz Inc. reports the following for 2014:
Income from continuing operations before income tax... $1,000,000
Extraordinary property loss from hurricane........ $140,000*
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 Cruz Inc., beginning with income from continuing operations before income tax.
b. Calculate the earnings per common share for Cruz Inc., including per-share amounts for unusual items.



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  • CreatedFebruary 28, 2014
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