Metlock Corporation had income from continuing operations of $10,682,900 in 2025. During 2025, it disposed of its restaurant division at an after-tax loss of $190,400. Prior to disposal, the division operated at a loss of $321,800 (net of tax) in 2025 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Metlock had 10,000,000 shares of common stock outstanding during 2025. Prepare a partial income statement for Metlock beginning with income from continuing operations. (Round earnings per share to 2 decimal places, eg. 1.48.) Income from Continuing Operations Discontinued Operations Loss on Disposal of Restaurant Division Loss from Operations of Discontinued Restaurant Division Net Income/(Loss) Loss on Disposal of Restaurant Division Loss from Operations of Discontinued Restaurant Division Net Income/(Loss) Earnings per Share Income from Continuing Operations Loss from Operations of Discontinued Division Loss on Disposal of Discontinued Operations METLOCK CORPORATION Income Statement (Partial) For the Year Ended December 31, 2025 Earnings per Share Net Income/(Loss) $ $ $ 190400 i 321800 i 190400 i 321800 i 03 i 03 $ $ $ 10682900 (512200) i 10170700 (512200) i 10170700 1.07 1.01
Metlock Corporation had income from continuing operations of $10,682,900 in 2025. During 2025, it disposed of its restaurant division at an after-tax loss of $190,400. Prior to disposal, the division operated at a loss of $321,800 (net of tax) in 2025 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Metlock had 10,000,000 shares of common stock outstanding during 2025. Prepare a partial income statement for Metlock beginning with income from continuing operations. (Round earnings per share to 2 decimal places, eg. 1.48.) Income from Continuing Operations Discontinued Operations Loss on Disposal of Restaurant Division Loss from Operations of Discontinued Restaurant Division Net Income/(Loss) Loss on Disposal of Restaurant Division Loss from Operations of Discontinued Restaurant Division Net Income/(Loss) Earnings per Share Income from Continuing Operations Loss from Operations of Discontinued Division Loss on Disposal of Discontinued Operations METLOCK CORPORATION Income Statement (Partial) For the Year Ended December 31, 2025 Earnings per Share Net Income/(Loss) $ $ $ 190400 i 321800 i 190400 i 321800 i 03 i 03 $ $ $ 10682900 (512200) i 10170700 (512200) i 10170700 1.07 1.01
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Aa.73.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
What is the net income/loss at the end of income statement
Solution
by Bartleby Expert
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education