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The following are partial income statement account balances taken from the December 31, 2024, year-end trial balance of White and Sons, Incorporated: estructuring costs, $440,000; interest revenue, $54,000; before-tax loss on liscontinued operations, $540,000; and loss on sale of investments, $64,000. ncome tax expense has not yet been recorded. The income tax rate is 25%. Prepare the lower portion of the 2024 income statement beginning with $870,0 come from continuing operations before income taxes. Include appropriate E lisclosures. The company had 100,000 shares of common stock outstanding hroughout the year. Note: Loss amounts should be indicated with a minus sign. Round "EPS" answers to 2 decimal places. WHITE AND SONS, INCORPORATED Partial Income Statement For the Year Ended December 31, 2024 Income from continuing operations before income taxes $ Income tax expense Income from continuing operations Loss on discontinued operations Earnings per share: Income from continuing operations Loss on discontinued operations Net income $ 870,000 217,500 652,500 405,000 2.47

The following are partial income statement account balances taken from the December 31, 2024, year-end trial balance of White and Sons, Incorporated: estructuring costs, $440,000; interest revenue, $54,000; before-tax loss on liscontinued operations, $540,000; and loss on sale of investments, $64,000. ncome tax expense has not yet been recorded. The income tax rate is 25%. Prepare the lower portion of the 2024 income statement beginning with $870,0 come from continuing operations before income taxes. Include appropriate E lisclosures. The company had 100,000 shares of common stock outstanding hroughout the year. Note: Loss amounts should be indicated with a minus sign. Round "EPS" answers to 2 decimal places. WHITE AND SONS, INCORPORATED Partial Income Statement For the Year Ended December 31, 2024 Income from continuing operations before income taxes $ Income tax expense Income from continuing operations Loss on discontinued operations Earnings per share: Income from continuing operations Loss on discontinued operations Net income $ 870,000 217,500 652,500 405,000 2.47

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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What is the income from continuing operations?

What is the loss on discontinued operations?

 

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The following are partial income statement account balances taken from the December 31, 2024, year-end trial balance of White and Sons, Incorporated: restructuring costs, $440,000; interest revenue, $54,000; before-tax loss on discontinued operations, $540,000; and loss on sale of investments, $64,000. Income tax expense has not yet been recorded. The income tax rate is 25%. Prepare the lower portion of the 2024 income statement beginning with $870,00 income from continuing operations before income taxes. Include appropriate EPS disclosures. The company had 100,000 shares of common stock outstanding throughout the year. Note: Loss amounts should be indicated with a minus sign. Round "EPS" answers to 2 decimal places. WHITE AND SONS, INCORPORATED Partial Income Statement For the Year Ended December 31, 2024 Income from continuing operations before income taxes $ Income tax expense Income from continuing operations Loss on discontinued operations Earnings per share: Income from continuing operations Loss on discontinued operations Net income $ 870,000 217,500 652,500 405,000 2.47
Transcribed Image Text:The following are partial income statement account balances taken from the December 31, 2024, year-end trial balance of White and Sons, Incorporated: restructuring costs, $440,000; interest revenue, $54,000; before-tax loss on discontinued operations, $540,000; and loss on sale of investments, $64,000. Income tax expense has not yet been recorded. The income tax rate is 25%. Prepare the lower portion of the 2024 income statement beginning with $870,00 income from continuing operations before income taxes. Include appropriate EPS disclosures. The company had 100,000 shares of common stock outstanding throughout the year. Note: Loss amounts should be indicated with a minus sign. Round "EPS" answers to 2 decimal places. WHITE AND SONS, INCORPORATED Partial Income Statement For the Year Ended December 31, 2024 Income from continuing operations before income taxes $ Income tax expense Income from continuing operations Loss on discontinued operations Earnings per share: Income from continuing operations Loss on discontinued operations Net income $ 870,000 217,500 652,500 405,000 2.47
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