The following are partial income statement account balances taken from the December 31, 2024, year-end trial balance of White and Sons, Incorporated: estructuring costs, $440,000; interest revenue, $54,000; before-tax loss on liscontinued operations, $540,000; and loss on sale of investments, $64,000. ncome tax expense has not yet been recorded. The income tax rate is 25%. Prepare the lower portion of the 2024 income statement beginning with $870,0 come from continuing operations before income taxes. Include appropriate E lisclosures. The company had 100,000 shares of common stock outstanding hroughout the year. Note: Loss amounts should be indicated with a minus sign. Round "EPS" answers to 2 decimal places. WHITE AND SONS, INCORPORATED Partial Income Statement For the Year Ended December 31, 2024 Income from continuing operations before income taxes $ Income tax expense Income from continuing operations Loss on discontinued operations Earnings per share: Income from continuing operations Loss on discontinued operations Net income $ 870,000 217,500 652,500 405,000 2.47
The following are partial income statement account balances taken from the December 31, 2024, year-end trial balance of White and Sons, Incorporated: estructuring costs, $440,000; interest revenue, $54,000; before-tax loss on liscontinued operations, $540,000; and loss on sale of investments, $64,000. ncome tax expense has not yet been recorded. The income tax rate is 25%. Prepare the lower portion of the 2024 income statement beginning with $870,0 come from continuing operations before income taxes. Include appropriate E lisclosures. The company had 100,000 shares of common stock outstanding hroughout the year. Note: Loss amounts should be indicated with a minus sign. Round "EPS" answers to 2 decimal places. WHITE AND SONS, INCORPORATED Partial Income Statement For the Year Ended December 31, 2024 Income from continuing operations before income taxes $ Income tax expense Income from continuing operations Loss on discontinued operations Earnings per share: Income from continuing operations Loss on discontinued operations Net income $ 870,000 217,500 652,500 405,000 2.47
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
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 9MC: Brooks Company reported a prior period adjustment of 512,000 in pretax financial "income" and...
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What is the income from continuing operations?
What is the loss on discontinued operations?
please do not provide solution in image format thank you!
Transcribed Image Text:The following are partial income statement account balances taken from the
December 31, 2024, year-end trial balance of White and Sons, Incorporated:
restructuring costs, $440,000; interest revenue, $54,000; before-tax loss on
discontinued operations, $540,000; and loss on sale of investments, $64,000.
Income tax expense has not yet been recorded. The income tax rate is 25%.
Prepare the lower portion of the 2024 income statement beginning with $870,00
income from continuing operations before income taxes. Include appropriate EPS
disclosures. The company had 100,000 shares of common stock outstanding
throughout the year.
Note: Loss amounts should be indicated with a minus sign. Round "EPS"
answers to 2 decimal places.
WHITE AND SONS, INCORPORATED
Partial Income Statement
For the Year Ended December 31, 2024
Income from continuing operations before income taxes $
Income tax expense
Income from continuing operations
Loss on discontinued operations
Earnings per share:
Income from continuing operations
Loss on discontinued operations
Net income
$
870,000
217,500
652,500
405,000
2.47
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