Asked Sep 13, 2019

Prepare a partial income statement: year end, Jackson inc, restructuring costs,$300,00;interest rev,$40,000;before tax loss on discontinue ops,$400,000and loss on sale investment,$50,000. Income tax exp has not been recorded. Income tax is 40%. Income statement beginning with $850,000 income from continuing operations before income taxes. EPS disclosure. 100,000shares of common stock outstanding thru out the year?


Expert Answer

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Step 1

Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

Earnings per share: Earnings per share help to measure the profitability of a company. Earnings per share are the amount of profit that is allocated to each share of outstanding stock.


Step 2

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The formula to calculate earnings per share is Eamings per share= Net income- Prefered dividends Weighted averagenumber of common shares outstanding


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