Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement. To prepare: A partial income statement for Incorporation A beginning with income from continuing operations before income tax.

Question

Apex Inc. reports the following for a recent year: Income from continuing operations before income tax expense $1,000,000 Loss from discontinued operations $240,000* Weighted average number of shares outstanding 20,000 Applicable tax rate 40% *Net of any tax effect. Question Content Area a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense. Apex Inc.Partial Income StatementFor the Year Ended December 31 Question Content Area b. Determine the earnings per common share for Apex Inc., including per-share amounts for unusual items. Apex Inc.Partial Income StatementFor the Year Ended December 31 Earnings per common share: $ $

Answer 1

Question

Chapter 14, Problem 14.24EX

a)

To determine

Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

To prepare: A partial income statement for Incorporation A beginning with income from continuing operations before income tax.

b)

To determine

the earnings per common share for Incorporation A.

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