ABC Company had income from continuing operations of $820,000 (after taxes) in 2023. In addition, the following information, which ha been considered, is as follows. 1. During 2023, ABC discovered that it failed to record depreciation in amount of $200,000 in 2020. 2. ABC decided to discontinue its stereo division in 2023, During the year, the stereo division had sales revenues of $300,000 and opera expenses of $450,000. 3. The stereo division was sold late in the year for $140,000. The book value of the division's assets was $110,000. Instructions Present in good form a partial income statement for ABC Company (inlcuding EPS disclosure) for the calendar year 2023 start with "Income from continuing operations." Assume that ABC's tax rate is 30% and 100,000 shares of common stock were outstanding during

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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ABC Company had income from continuing operations of $820,000 (after taxes) in 2023. In addition, the following information, which has not
been considered, is as follows.
1. During 2023, ABC discovered that it failed to record depreciation in amount of $200,000 in 2020.
2. ABC decided to discontinue its stereo division in 2023, During the year, the stereo division had sales revenues of $300,000 and operating
expenses of $450,000.
3. The stereo division was sold late in the year for $140,000. The book value of the division's assets was $110,000.
Instructions Present in good form a partial income statement for ABC Company (inlcuding EPS disclosure) for the calendar year 2023 starting
with "Income from continuing operations." Assume that ABC's tax rate is 30% and 100,000 shares of common stock were outstanding during the
year. (abbreviations are acceptable)
For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).
Transcribed Image Text:ABC Company had income from continuing operations of $820,000 (after taxes) in 2023. In addition, the following information, which has not been considered, is as follows. 1. During 2023, ABC discovered that it failed to record depreciation in amount of $200,000 in 2020. 2. ABC decided to discontinue its stereo division in 2023, During the year, the stereo division had sales revenues of $300,000 and operating expenses of $450,000. 3. The stereo division was sold late in the year for $140,000. The book value of the division's assets was $110,000. Instructions Present in good form a partial income statement for ABC Company (inlcuding EPS disclosure) for the calendar year 2023 starting with "Income from continuing operations." Assume that ABC's tax rate is 30% and 100,000 shares of common stock were outstanding during the year. (abbreviations are acceptable) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).
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