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, 2020select an income statement item Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant Division Net of TaxLoss From Operation of Discontinued Restaurant Division Net of TaxNet Income / (Loss) $enter a dollar amount select an opening name for section one Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant Division Net of TaxLoss From Operation of Discontinued Restaurant Division Net of TaxNet Income / (Loss) select an income statement item Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant Division Net of TaxLoss From Operation of Discontinued Restaurant Division Net of TaxNet Income / (Loss)$enter a dollar amount select an income statement item Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant Division Net of TaxLoss From Operation of Discontinued Restaurant Division Net of TaxNet Income / (Loss)enter a dollar amount enter a total of the two previous amountsselect a closing name for section one Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant Division Net of TaxLoss From Operation of Discontinued Restaurant Division Net of TaxNet Income / (Loss) $enter a total net income or loss amount select an opening name for section two Discontinued Operations, Net of TaxEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant Division Net of TaxLoss From Operation of Discontinued Restaurant Division Net of TaxNet Income / (Loss) select an income statement item Discontinued Operations, Net of TaxEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant Division Net of TaxLoss From Operation of Discontinued Restaurant Division Net of TaxNet Income / (Loss) $enter a dollar amount rounded to 2 decimal places select an income statement item Discontinued Operations, Net of TaxEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant Division Net of TaxLoss From Operation of Discontinued Restaurant Division Net of TaxNet Income / (Loss) enter a dollar amount rounded to 2 decimal placesselect a closing name for section two Discontinued Operations, Net of TaxEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant Division Net of TaxLoss From Operation of Discontinued Restaurant Division Net of TaxNet Income / (Loss) $enter a total amount for section two rounded to 2 decimal places

Answered: Swifty Corporation had income from…

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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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 CORPORATION Income 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 Disposal of Restaurant Division Net of TaxLoss From Operation of Discontinued Restaurant Division Net of TaxNet Income / (Loss)		$enter a dollar amount
select an opening name for section one Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant Division Net of TaxLoss From Operation of Discontinued Restaurant Division Net of TaxNet Income / (Loss)
select an income statement item Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant Division Net of TaxLoss From Operation of Discontinued Restaurant Division Net of TaxNet Income / (Loss)	$enter a dollar amount
select an income statement item Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant Division Net of TaxLoss From Operation of Discontinued Restaurant Division Net of TaxNet Income / (Loss)	enter a dollar amount
		enter a total of the two previous amounts
select a closing name for section one Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant Division Net of TaxLoss From Operation of Discontinued Restaurant Division Net of TaxNet Income / (Loss)		$enter a total net income or loss amount

select an opening name for section two Discontinued Operations, Net of TaxEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant Division Net of TaxLoss From Operation of Discontinued Restaurant Division Net of TaxNet Income / (Loss)
select an income statement item Discontinued Operations, Net of TaxEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant Division Net of TaxLoss From Operation of Discontinued Restaurant Division Net of TaxNet Income / (Loss)		$enter a dollar amount rounded to 2 decimal places
select an income statement item Discontinued Operations, Net of TaxEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant Division Net of TaxLoss From Operation of Discontinued Restaurant Division Net of TaxNet Income / (Loss)		enter a dollar amount rounded to 2 decimal places
select a closing name for section two Discontinued Operations, Net of TaxEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant Division Net of TaxLoss From Operation of Discontinued Restaurant Division Net of TaxNet Income / (Loss)		$enter a total amount for section two rounded to 2 decimal places

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