Presented below are selected ledger accounts of Tamarisk Corporation as of December 31, 2020.CashAdministrative expensesSelling expensesNet salesCost of goods soldCash dividends declared (2020)Cash dividends paid (2020)Discontinued operations (loss before income taxes)Depreciation expense, not recorded in 2019Retained earnings, December 31, 2019Effective tax rate 20%Your answer is correct.Compute net income for 2020.Net incometA$96800$55,000110,00088,000594,000231,00022,00016,50044,00033,00099,000 appropriate earnings per share information. Assume 10,000 shares of common stock were outstanding durearnings per share to 2 decimal places, e.g. 1.58.)Income From Continuing Operations Before Income TaxDiscontinued Operations. Net of TaxTAMARISK CORPORATIONIncome StatementFor the Year Ended December 31, 2020Discontinued Operations. Net of TaxLoss on Discontinued Operations. Net of TaxNet Income /(Loss)Earnings Per ShareIncome From Continuing OperationsLoss on Discontinued Operations, Net of TaxNet Income /(Loss)>LA$taLALA165000-44000121000-242009680016.54.49.68

Discountined operations , net of tax= (44000*(100%-20%))=35,200EPS Income from continuting…

Answered: istrative expenses expenses les $55,000…

Business

Accounting

istrative expenses expenses les $55,000 110,000 88,000 594,000

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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Dept. N $ 41,000 Dept. O $72,000 Dept. P $60,000 Dept. T $ 40,000 Total Dept. M $79,000 $ 292,000 Sales Expenses Avoidable 15,800 56,600 43,600 19,800 148,000 146,600 20,000 20,000 46,600 48,600 18, 200 Unavoidable 5,400 Total expenses 72,400 63,400 25,400 66,600 66,800 294, 600 Net income (loss) $ 6,600 $(22,400) $46,600 $(6,600) $(26,800) $ (2,600) Recompute and prepare the departmental income statements (including a combined total column) for the company under each of the following separate scenarios. Exercise 25-9 Part 1 (1) Management eliminates departments with expected net losses. DEPARTMENTS WITH EXPEC TED NET LOSSES ELIMINATED Dept. M Dept. N Dept. O Dept. P Dept. T Total Sales $ 79,000 72,000 151,000 Expenses: Avoidable 15,800 20,000 35,800 Unavoidable 56,600 5,400 62,000 Total expenses 72,400 25,400 97,800 Net income (loss) 6,600 $ $ 46,600 $ $ $ 53,200