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Apex Inc. reports the following for a recent year: Income from continuing operations before income tax expense $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. Question Content Area a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense. Apex Inc.Partial Income StatementFor the Year Ended December 31

Apex Inc. reports the following for a recent year: Income from continuing operations before income tax expense $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. Question Content Area a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense. Apex Inc.Partial Income StatementFor the Year Ended December 31

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Apex Inc. reports the following for a recent year:

Income from continuing operations before income tax expense $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.    

Question Content Area

a.  Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense.

Apex Inc.Partial Income StatementFor the Year Ended December 31
                  
                      
 
  
 
  
 
  
 
  
 

Question Content Area

b.  Determine the earnings per common share for Apex Inc., including per-share amounts for unusual items.

Apex Inc.Partial Income StatementFor the Year Ended December 31
Earnings per common share:  
 
 $                  
 
  
 
 $
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