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Exercise 12.5 (Algo) Reporting Discontinued Operations (LO12-2, LO12-3) For the year ended December 31, Southern Supply had net sales of $7,200,000, costs and other expenses (including Income tax) of $5,830,000, and a gain from discontinued operations (net of Income tax) of $420,000. a. Prepare a condensed Income statement (including earnings per share), assuming that 910,000 shares of common stock were outstanding throughout the year. b. Which earnings per share figure would you recommend be used to compute the price-earnings ratio for Southern Supply? Complete this question by entering your answers in the tabs below. Required A Required B Prepare a condensed income statement (including earnings per share), assuming that 910,000 shares of common stock were outstanding throughout the year. (Round Earnings per share of common stock to 2 decimal places.) Earnings per share: SOUTHERN SUPPLY Income Statement For the Year Ended December 31, Current Year < Required A Required B >

Exercise 12.5 (Algo) Reporting Discontinued Operations (LO12-2, LO12-3) For the year ended December 31, Southern Supply had net sales of $7,200,000, costs and other expenses (including Income tax) of $5,830,000, and a gain from discontinued operations (net of Income tax) of $420,000. a. Prepare a condensed Income statement (including earnings per share), assuming that 910,000 shares of common stock were outstanding throughout the year. b. Which earnings per share figure would you recommend be used to compute the price-earnings ratio for Southern Supply? Complete this question by entering your answers in the tabs below. Required A Required B Prepare a condensed income statement (including earnings per share), assuming that 910,000 shares of common stock were outstanding throughout the year. (Round Earnings per share of common stock to 2 decimal places.) Earnings per share: SOUTHERN SUPPLY Income Statement For the Year Ended December 31, Current Year < Required A Required B >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 12.5 (Algo) Reporting Discontinued Operations (LO12-2, LO12-3) For the year ended December 31, Southern Supply had net sales of $7,200,000, costs and other expenses (including Income tax) of $5,830,000, and a gain from discontinued operations (net of Income tax) of $420,000. a. Prepare a condensed Income statement (including earnings per share), assuming that 910,000 shares of common stock were outstanding throughout the year. b. Which earnings per share figure would you recommend be used to compute the price-earnings ratio for Southern Supply? Complete this question by entering your answers in the tabs below. Required A Required B Prepare a condensed income statement (including earnings per share), assuming that 910,000 shares of common stock were outstanding throughout the year. (Round Earnings per share of common stock to 2 decimal places.) Earnings per share: SOUTHERN SUPPLY Income Statement For the Year Ended December 31, Current Year Required A Required B >
Transcribed Image Text:Exercise 12.5 (Algo) Reporting Discontinued Operations (LO12-2, LO12-3) For the year ended December 31, Southern Supply had net sales of $7,200,000, costs and other expenses (including Income tax) of $5,830,000, and a gain from discontinued operations (net of Income tax) of $420,000. a. Prepare a condensed Income statement (including earnings per share), assuming that 910,000 shares of common stock were outstanding throughout the year. b. Which earnings per share figure would you recommend be used to compute the price-earnings ratio for Southern Supply? Complete this question by entering your answers in the tabs below. Required A Required B Prepare a condensed income statement (including earnings per share), assuming that 910,000 shares of common stock were outstanding throughout the year. (Round Earnings per share of common stock to 2 decimal places.) Earnings per share: SOUTHERN SUPPLY Income Statement For the Year Ended December 31, Current Year Required A Required B >
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