The following pretax amounts are taken from the accounting records of Goal Corp. at December 31, its annual year-end. Assume an average 25% tax rate on all items. Not Restructuring costs are considered unusual and infrequent Sales revenue Service revenue Cost of goods sold Operating expenses Gain on sale of fixed asset (pretax) Restructuring costs (pretax) Loss on discontinued operations (pretax) 1396,000 90.000 234.000 158,400 45,000 36,000 9,000 Common stock, weighted average shares outstanding 10.000 Prepare a single-step income statement, including the section on earnings per share. Note: Use a negative sign only for any discontinued operation losses. Note: Enter the answers for per share amounts in dollars and cents, rounded to the nearest penny.

FINANCIAL ACCOUNTING
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Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following pretax amounts are taken from the accounting records of Goal Corp. at December 31, its annual year-end. Assume an average 25% tax rate on all items. Not
Restructuring costs are considered unusual and infrequent
Sales revenue
Service revenue
Cost of goods sold
Operating expenses
Gain on sale of fixed asset (pretax)
Restructuring costs (pretax)
Loss on discontinued operations (pretax)
$396,000
90.000
234.000
158,400
45,000
36,000
9,000
Common stock, weighted average shares outstanding 10,000
Prepare a single-step income statement, including the section on earnings per share.
Note: Use a negative sign only for any discontinued operation losses.
Note: Enter the answers for per share amounts in dollars and cents, rounded to the nearest penny,
Transcribed Image Text:The following pretax amounts are taken from the accounting records of Goal Corp. at December 31, its annual year-end. Assume an average 25% tax rate on all items. Not Restructuring costs are considered unusual and infrequent Sales revenue Service revenue Cost of goods sold Operating expenses Gain on sale of fixed asset (pretax) Restructuring costs (pretax) Loss on discontinued operations (pretax) $396,000 90.000 234.000 158,400 45,000 36,000 9,000 Common stock, weighted average shares outstanding 10,000 Prepare a single-step income statement, including the section on earnings per share. Note: Use a negative sign only for any discontinued operation losses. Note: Enter the answers for per share amounts in dollars and cents, rounded to the nearest penny,
Goal Corp.
Income Statement
For the Year Ended December 31
Revenues and gains
Sales revenue
Service revenue
Gain on sale of fixed asset
Total revenues and gains
Expenses and losses
Cost of goods sold
Operating expenses
Restructuring costs
Total expenses and losses
Income from continuing operations before taxes
Income tax expense
Income from continuing operations
Discontinued operations
Income from continuing operations
Net income
Per share:
Income from continuing operations
Loss from discontinued component, net of tax savings
Net income
$
$
$
0x
0x
0x
396,000
90,000
45,000
531,000
234,000
158,400
36,000
428,400 ✓
0 x
0x
0x
0x
0x
Transcribed Image Text:Goal Corp. Income Statement For the Year Ended December 31 Revenues and gains Sales revenue Service revenue Gain on sale of fixed asset Total revenues and gains Expenses and losses Cost of goods sold Operating expenses Restructuring costs Total expenses and losses Income from continuing operations before taxes Income tax expense Income from continuing operations Discontinued operations Income from continuing operations Net income Per share: Income from continuing operations Loss from discontinued component, net of tax savings Net income $ $ $ 0x 0x 0x 396,000 90,000 45,000 531,000 234,000 158,400 36,000 428,400 ✓ 0 x 0x 0x 0x 0x
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