Finley Corporation had income from continuing operations of $10,600,000 in 2017. During 2017, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division operated at a loss of $315,000 (net of tax) had 10,00,000 shares of comma stock outstanding during 2017. Calculate Finley Corporation's Earnings Per Share
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- Finley Corporation had income from continuing operations of $10,600,000 in 2017. During 2017, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division operated at a loss of $315,000 (net of tax) in 2017 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Finley had 10,000,000 shares of common stock outstanding during 2017. Prepare a partial income statement for Finley beginning with income from continuing operations.Sultan Corporation had income from continuing operations of $10,600,000 in 2010. During 2010, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division operated at a loss of $315,000 (net of tax) in 2010. Sultan had 10,000,000 shares of common stock outstanding during 2010. Prepare a partial income statement for Sultan beginning with income from continuing operations.Presented below is information related to Viel Company at December 31, 2017, the end of its first year of operations. Sales revenue $310,000 Cost of goods sold 140,000 Selling and administrative expenses 50,000 Gain on sale of plant assets 30,000 Unrealized gain on non-trading equity securities 10,000 Interest expense 6,000 Loss on discontinued operations 12,000 Allocation to non-controlling interest 40,000 Dividends declared and paid 5,000 InstructionsCompute the following: (a) income from operations, (b) net income, (c) net income attributable to Viel Company controllingshareholders, (d) comprehensive income, and (e) retained earnings balance at December 31, 2017. (Ignore income taxes.)
- Rembrandt Paint Company had the following income statement items for the year ended December 31, 2011 ($ in 000s): Net sales $18,000 Cost of goods sold $10,500 Interest income 200 Selling and administrative expenses 2,500 Interest expense 350 Restructuring costs 800 Extraordinary gain 3,000 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $1.6 million and a gain on disposal of the component's assets of $2 million. 500,000 shares of common stock were outstanding throughout 2011. Income tax expense has not yet been accrued. The income tax rate is 30% on all items of income (loss). Required: Prepare a multiple-step income statement for 2011,Presented below is information related to Ivanhoe Company as of and for the year ended December 31, 2017. This was Ivanhoe Company’s first year of operations. (Ignore income tax effects.) ● Sales revenue $1,310,000 ● Cost of goods sold 640,000 ● Selling and administrative expenses 310,000 ● Loss on sale of plant assets 64,000 ● Unrealized gain on available-for-sale investments 13,000 ● Interest expense 5,000 ● Interest revenue 4,100 ● Loss on discontinued operations 3,000 ● Allocation to noncontrolling interest 8,500 ● Dividends declared and paid 27,700 Compute the following: (a) Income from continuing operations $enter a dollar amount (b) Net income $enter a dollar amount (c) Net income attributable to Ivanhoe Company’s controlling shareholders $enter a dollar amount (d) Comprehensive income $enter a dollar amount (e) Retained earnings balance at December 31,…The following data relate to the operations of Delicious, Inc., during 2015. Continuing operations: Net sales $37,400,000 Costs and expenses (including applicable income tax) 21,500,000 Other data: Operating income during 2015 on segment of the business Discontinued near year-end 205,000 Loss on disposal of discontinued segment (net of income tax benefit 510,000 Extraordinary loss (net of income tax benefit) 930,000 Prior period adjustment (increase in 2014 amortization expense, net of income tax benefit 310,000 Cash dividend declared 2,000,000 a)Prepare a condensed income statement for 2015
- Starr Co. had sales revenue of $540,000 in 2017. Other items recorded during the year were: Cost of goods sold $330,000 Salaries and wages expense 120,000 Income tax expense 25,000 Increase in value of company reputation 15,000 Other operating expenses 10,000 Unrealized gain on value of patents 20,000 Prepare a single-step income statement for Starr for 2017. Starr has 100,000 shares of stock outstandingKingbird Corporation had income from continuing operations of $10,723,900 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $196,100. Prior to disposal, the division operated at a loss of $323,000 (net of tax) in 2020 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Kingbird had 10,000,000 shares of common stock outstanding during 2020. Prepare a partial income statement for Kingbird beginning with income from continuing operations. (Round earnings per share to 2 decimal places, e.g. 1.48.)Swifty Corporation had income from continuing operations of $10,826,400 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $190,800. Prior to disposal, the division operated at a loss of $320,500 (net of tax) in 2020 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Swifty had 10,000,000 shares of common stock outstanding during 2020. Prepare a partial income statement for Swifty beginning with income from continuing operations. (Round earnings per share to 2 decimal places, e.g. 1.48.) SWIFTY CORPORATIONIncome Statement (Partial)choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020 select an income statement item Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From…
- Presented below is information related to Blossom Company as of and for the year ended December 31, 2017. This was Blossom Company’s first year of operations. (Ignore income tax effects.) ● Sales revenue $1,500,000 ● Cost of goods sold 600,000 ● Selling and administrative expenses 300,000 ● Loss on sale of plant assets 60,000 ● Unrealized gain on available-for-sale investments 12,000 ● Interest expense 5,000 ● Interest revenue 3,500 ● Loss on discontinued operations 2,000 ● Allocation to noncontrolling interest 7,500 ● Dividends declared and paid 26,000 Compute the following: (a) Income from continuing operations $enter a dollar amount (b) Net income $enter a dollar amount (c) Net income attributable to Blossom Company’s controlling shareholders $enter a dollar amount (d) Comprehensive income $enter a dollar amount (e) Retained earnings balance at December 31,…Stacy Corporation had income from operations of $7,200,000. In addition, it suffered an unusual and infrequent pretax loss of $770,000 from a volcano eruption, interest revenue of $17,000, and a write-down on buildings of $53,000. The corporation’s tax rate is 30%. Prepare a partial income statement for Stacy beginning with Income from operations. The corporation had 5,000,000 shares of common stock outstanding during 2017.Kingbird Inc. reported income from continuing operations before taxes during 2017 of $2,250,000. Additional transactions occurring in 2017 but not considered in the $2,250,000 are as follows. 1. A gain of $125,000 (pretax) as a result of selling securities from its investment portfolio. 2. A $27,000 loss before taxes as a result of operating the discontinued clothing division during 2017. 3. A loss of $78,000 before taxes as a result of disposing of its clothing division. Assume that this transaction meets the criteria for discontinued operations. 4. An uninsured $122,000 loss due to a fire. 5. At the beginning of 2015, the corporation purchased a machine for $260,000 (salvage value of $20,000) that had a useful life of 10 years. The bookkeeper used straight-line depreciation for 2015, 2016, and 2017, but failed to deduct the salvage value in computing the depreciation base. 6. The corporation decided to change its method of inventory pricing from average-cost…