Below is the financial information of Martin Corporation for 2017. Gain on sale of investments 160,000 Net
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Question:
- Below is the financial information of Martin Corporation for 2017.
- Gain on sale of investments 160,000
- Net sales 45,000,000
- Cost of goods sold 31,000,000
- Loss on disposal of wholesale division 670,000
- Interest income 105,000
- Loss on operations from wholesale division 690,000
- Selling and administrative expenses 8,200,000
- Dividends declared on common stock 340,000
- Goodwill cancellation 780,000
- Dividends declared on preferred stock 120,000
- Effective tax rate on all items is 34%
- Martin Corporation decided to discontinue wholesale operations and retain operations of manufacture. On July 1, Martin sold the wholesale operations. During 2017, there were 800. 000 common shares outstanding throughout the year.
- Instructions
- Calculate each of the following.
- 1. Operating income
- 2. Income before income tax
- 3. Income from continuing operations
- 4. Net income
- 5. Earnings per share
Related Book For
Intermediate Accounting
ISBN: 978-1119048534
11th Canadian edition Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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