Income Statement and Earnings per Share for Discontinued Operations 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.
Income Statement and Earnings per Share for Discontinued Operations 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Income Statement and Earnings per Share for Discontinued Operations
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.
Transcribed Image Text:b. Determine the earnings per common share for Apex Inc., including per-share amounts for unusual items.
Apex Inc.
Partial Income Statement
For the Year Ended December 31
Earnings per common share:
Income from continuing operations
Loss from discontinued operations
Net income
$
50 X
12
38
X
Transcribed Image Text:Income Statement and Earnings per Share for Discontinued Operations
Apex Inc. reports the following for a recent year:
Income from continuing operations before income tax expense
Loss from discontinued operations
Weighted average number of shares outstanding
Applicable tax rate
*Net of any tax effect.
Income tax expense
a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense.
Apex Inc.
Partial Income Statement
For the Year Ended December 31
Income from continuing operations before income tax expense
✓
Income from continuing operations
Loss on discontinued operations
$1,000,000
$240,000*
20,000
Net income
40%
600,000 X
360,000 X
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