The following items were taken from the adjusted trial balance of the Dylex Corporation for the year ended December 31, 2020. Assume an average 25% income tax on all ens. The accounting period ends December 31, and all amounts given are pre-tax. Dylex Corporation had 11,000 common shares outstanding in 2020 and follows IFRS A Cost of goods sold Depreciation expense, building Gain on exchange Gain on sale of assets from discontinued operations Insurance expense Interest expense Interest income 140,000 23,000 125,000 100,000 54,000 52,000 56,000 Loss on sale of trading investment 135,000 Operating loss of discontinued operation to disposal date 100,000 Salaries expense 160,000 Sales a) Prepare a multi-step income statement in good form. Please make sure your final arewarts) are acc decimal places Oylex Corporation Income For the Year Ended Decenter 31.200 900,000 REQUIRED DISCLOSURES b) Calculate basic earnings per share (EPS) from continuing operations. Please make sure your final answer(s) are accurate to 2 decimal places. EPS 1 c) Calculate basic earnings per share from discontinued operations. Please make sure your final anewer(s) are accurate to 2 decimal places. EPS $ d) Calculate basic earnings per share from net income. Please make sure your final answer(s) are accurate to 2 decimal places. EPS $ e) Report the tax amount for the operating loss from discontinued operations. Please make sure your final answers) to the nearest whole number.
The following items were taken from the adjusted trial balance of the Dylex Corporation for the year ended December 31, 2020. Assume an average 25% income tax on all ens. The accounting period ends December 31, and all amounts given are pre-tax. Dylex Corporation had 11,000 common shares outstanding in 2020 and follows IFRS A Cost of goods sold Depreciation expense, building Gain on exchange Gain on sale of assets from discontinued operations Insurance expense Interest expense Interest income 140,000 23,000 125,000 100,000 54,000 52,000 56,000 Loss on sale of trading investment 135,000 Operating loss of discontinued operation to disposal date 100,000 Salaries expense 160,000 Sales a) Prepare a multi-step income statement in good form. Please make sure your final arewarts) are acc decimal places Oylex Corporation Income For the Year Ended Decenter 31.200 900,000 REQUIRED DISCLOSURES b) Calculate basic earnings per share (EPS) from continuing operations. Please make sure your final answer(s) are accurate to 2 decimal places. EPS 1 c) Calculate basic earnings per share from discontinued operations. Please make sure your final anewer(s) are accurate to 2 decimal places. EPS $ d) Calculate basic earnings per share from net income. Please make sure your final answer(s) are accurate to 2 decimal places. EPS $ e) Report the tax amount for the operating loss from discontinued operations. Please make sure your final answers) to the nearest whole number.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:The following items were taken from the adjusted trial balance of the Dylex Corporation for the year ended December 31, 2020. Assume an average 25% income tax on all ens. The
accounting period ends December 31, and all amounts given are pre-tax. Dylex Corporation had 11,000 common shares outstanding in 2020 and follows IFRS
Cost of goods sold
Depreciation expense, building
Gain on exchange
Gain on sale of assets from discontinued operations
Insurance expense
Interest expense
Interest income
Loss on sale of trading investment
140,000
23,000
a) Prepare a multi-step income statement in good form. Please make sure your final anewarts) are accurate to 2
decimal places
Dylex Corporation
For the Year Ended December 31, 200
125,000
100,000
54,000
52,000 X
58,000
135,000
Operating loss of discontinued operation to disposal date 100,000
Salaries expense
160.000
Sales
**
900,000 REQUIRED DISCLOSURES
b) Calculate basic eamings per share (EPS) from continuing operations. Please make sure your final answers) are
accurate to 2 decimal places
EPS S
c) Calculate basic earnings per share from discontinued operations. Please make sure your final answers)
to 2 decimal places.
EPS=$
accurate
d) Calculate basic earnings per share from net income. Please make sure your final answer(s) are accurate to 2
decimal places.
EPS = $
e) Report the tax amount for the operating loss from discontinued operations. Please make sure your final answers)
are accurate to the nearest whole number.
Tax amount 5
f) Report the tax amount for the gain on sale of assets from discontinued operations. Please make sure your final
ale to the nearest whole number.
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 3 steps with 1 images
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