Apex Inc. reports the following for a recent year:Income from continuing operations before income tax $1,000,000Loss from discontinued operations $240,000*Weighted average number of shares outstanding 20,000Applicable tax rate 40%*Net of any tax effect. a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax.b. Determine the earnings per common share for Apex Inc., including per-share amounts for unusual items.
Apex Inc. reports the following for a recent year:Income from continuing operations before income tax $1,000,000Loss from discontinued operations $240,000*Weighted average number of shares outstanding 20,000Applicable tax rate 40%*Net of any tax effect. a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax.b. Determine the earnings per common share for Apex Inc., including per-share amounts for unusual items.
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
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 8RE
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Apex Inc. reports the following for a recent year:
Income from continuing operations before income tax $1,000,000
Loss from discontinued operations $240,000*
Weighted average number of shares outstanding 20,000
Applicable tax rate 40%
*Net of any tax effect.
a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax.
b. Determine the earnings per common share for Apex Inc., including per-share amounts for unusual items.
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