Income Statement and Earnings per Share for Discontinued Operations Apex Inc. reports the following for a recent
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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 | $ |
Related Book For
Financial Reporting Financial Statement Analysis and Valuation a strategic perspective
ISBN: 978-1337614689
9th edition
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
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