Metlock Corporation had income from continuing operations of $10,682,900 in 2025. During 2025, it disposed of its restaurant division at an after-tax loss of $190,400. Prior to disposal, the division operated at a loss of $321,800 (net of tax) in 2025 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Metlock had 10,000,000 shares of common stock outstanding during 2025. Prepare a partial income statement for Metlock beginning with income from continuing operations. (Round earnings per share to 2 decimal places, eg. 1.48.) Income from Continuing Operations Discontinued Operations Loss on Disposal of Restaurant Division Loss from Operations of Discontinued Restaurant Division Net Income/(Loss) Loss on Disposal of Restaurant Division Loss from Operations of Discontinued Restaurant Division Net Income/(Loss) Earnings per Share Income from Continuing Operations Loss from Operations of Discontinued Division Loss on Disposal of Discontinued Operations METLOCK CORPORATION Income Statement (Partial) For the Year Ended December 31, 2025 Earnings per Share Net Income/(Loss) $ $ $ 190400 i 321800 i 190400 i 321800 i 03 i 03 $ $ $ 10682900 (512200) i 10170700 (512200) i 10170700 1.07 1.01
Metlock Corporation had income from continuing operations of $10,682,900 in 2025. During 2025, it disposed of its restaurant division at an after-tax loss of $190,400. Prior to disposal, the division operated at a loss of $321,800 (net of tax) in 2025 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Metlock had 10,000,000 shares of common stock outstanding during 2025. Prepare a partial income statement for Metlock beginning with income from continuing operations. (Round earnings per share to 2 decimal places, eg. 1.48.) Income from Continuing Operations Discontinued Operations Loss on Disposal of Restaurant Division Loss from Operations of Discontinued Restaurant Division Net Income/(Loss) Loss on Disposal of Restaurant Division Loss from Operations of Discontinued Restaurant Division Net Income/(Loss) Earnings per Share Income from Continuing Operations Loss from Operations of Discontinued Division Loss on Disposal of Discontinued Operations METLOCK CORPORATION Income Statement (Partial) For the Year Ended December 31, 2025 Earnings per Share Net Income/(Loss) $ $ $ 190400 i 321800 i 190400 i 321800 i 03 i 03 $ $ $ 10682900 (512200) i 10170700 (512200) i 10170700 1.07 1.01
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 2P
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Aa.73.
Transcribed Image Text:Metlock Corporation had income from continuing operations of $10,682,900 in 2025. During 2025, it disposed of its restaurant
division at an after-tax loss of $190,400. Prior to disposal, the division operated at a loss of $321,800 (net of tax) in 2025 (assume that
the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Metlock had 10,000,000 shares
of common stock outstanding during 2025. Prepare a partial income statement for Metlock beginning with income from continuing
operations. (Round earnings per share to 2 decimal places, eg. 1.48.)
Income from Continuing Operations
Discontinued Operations
Loss on Disposal of Restaurant Division
Loss from Operations of Discontinued Restaurant Division
Net Income/(Loss)
Loss on Disposal of Restaurant Division
Loss from Operations of Discontinued Restaurant Division
Net Income/(Loss)
Earnings per Share
Income from Continuing Operations
Loss from Operations of Discontinued Division
Loss on Disposal of Discontinued Operations
METLOCK CORPORATION
Income Statement (Partial)
For the Year Ended December 31, 2025
Earnings per Share
Net Income/(Loss)
$
V
190400 i
321800
190400 i
i
321800 i
03 i
03
$
10682900
(512200) i
10170700
(512200) i
10170700
1.07
1.01
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