INTERMEDIATE ACCOUNTING(LL)-W/CONNECT
9th Edition
ISBN: 9781260216141
Author: SPICELAND
Publisher: MCG CUSTOM
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 4, Problem 4.10E
Earnings per share
• LO4–5
The Esposito Import Company had 1 million shares of common stock outstanding during 2018. Its income statement reported the following items: income from continuing operations, $5 million; loss from discontinued operations, $1.6 million. All of these amounts are net of tax.
Required:
Prepare the 2018 EPS presentation for the Esposito Import Company.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
do E4.14
At the beginning of 2021, Southwest Airlines had the following amounts on their balance sheet: Amounts in millions Common Stock 10 APIC 2,690 Retained Earnings 9,165 Accumulated other comprehensive Income 265 During 2021, Southwest Airlines has net income of $478 million without considering any gains or losses from the sale of securities. During 2021, Southwest has a pension loss of $37 million and a currency translation gain of $16 million before taxes. They also sold debt securities held for sale that had an original cost of $46 million for $36 million (realized). At the beginning of 2021, the valuation allowance for securities sold was a credit of $5 million – remember to reverse. Southwest also paid dividends of $89 million and sold 10 million shares of $.10 par stock for $320 million in cash. Southwest’s tax rate is 30%
Requirements: Prepare a journal entry for the sale of the debt securities during 2021 that had been left off the financial statements previously.
Prepare a…
C7
Chapter 4 Solutions
INTERMEDIATE ACCOUNTING(LL)-W/CONNECT
Ch. 4 - The income statement is a change statement....Ch. 4 - What transactions are included in income from...Ch. 4 - Prob. 4.3QCh. 4 - Prob. 4.4QCh. 4 - Prob. 4.5QCh. 4 - What are restructuring costs and where are they...Ch. 4 - Define intraperiod tax allocation. Why is the...Ch. 4 - How are discontinued operations reported in the...Ch. 4 - What is meant by a change in accounting principle?...Ch. 4 - Prob. 4.10Q
Ch. 4 - The correction of a material error discovered in a...Ch. 4 - Define earnings per share (EPS). For which income...Ch. 4 - Prob. 4.13QCh. 4 - Describe the purpose of the statement of cash...Ch. 4 - Prob. 4.15QCh. 4 - Explain what is meant by noncash investing and...Ch. 4 - Distinguish between the direct method and the...Ch. 4 - Prob. 4.18QCh. 4 - Prob. 4.19QCh. 4 - Show the calculation of the following...Ch. 4 - Show the DuPont frameworks calculation of the...Ch. 4 - Prob. 4.22QCh. 4 - Prob. 4.23QCh. 4 - Prob. 4.1BECh. 4 - Multiple -step income statement LO41, LO43 Refer...Ch. 4 - Prob. 4.3BECh. 4 - Multiple -step income statement LO41, LO43 The...Ch. 4 - Prob. 4.5BECh. 4 - Prob. 4.6BECh. 4 - Prob. 4.7BECh. 4 - Discontinued operations LO44 Refer to the...Ch. 4 - Discontinued operations LO44 Refer to the...Ch. 4 - Prob. 4.10BECh. 4 - Prob. 4.11BECh. 4 - Prob. 4.12BECh. 4 - Statement of cash flows; indirect method LO48 Net...Ch. 4 - Prob. 4.14BECh. 4 - Prob. 4.15BECh. 4 - Profitability ratios LO410 The 2018 income...Ch. 4 - Prob. 4.17BECh. 4 - Inventory turnover ratio LO410 During 2018, Rogue...Ch. 4 - Operating versus Nonoperating Income LO41 Pandora...Ch. 4 - Income statement format; single step and multiple...Ch. 4 - Income statement format; single step and multiple...Ch. 4 - Multiple-step continuous statement of...Ch. 4 - Income statement presentation LO41, LO45 The...Ch. 4 - Prob. 4.6ECh. 4 - Income statement presentation; discontinued...Ch. 4 - Discontinued operations; disposal in subsequent...Ch. 4 - Discontinued operations; disposal in subsequent...Ch. 4 - Earnings per share LO45 The Esposito Import...Ch. 4 - Comprehensive income LO46 The Massoud Consulting...Ch. 4 - Prob. 4.12ECh. 4 - Prob. 4.13ECh. 4 - IFRS; statement of cash flows LO48, LO49 Refer to...Ch. 4 - Prob. 4.15ECh. 4 - Prob. 4.16ECh. 4 - Statement of cash flows; indirect method LO48...Ch. 4 - Prob. 4.18ECh. 4 - Prob. 4.19ECh. 4 - Statement of cash flows; indirect method LO48...Ch. 4 - Statement of cash flows; direct method LO48 Refer...Ch. 4 - Prob. 4.22ECh. 4 - Prob. 4.23ECh. 4 - Concepts; terminology LO41, LO42, LO43, LO44,...Ch. 4 - Inventory turnover; calculation and evaluation ...Ch. 4 - Evaluating efficiency of asset management LO410...Ch. 4 - Profitability ratios LO410 The following...Ch. 4 - Prob. 4.28ECh. 4 - Prob. 4.29ECh. 4 - Prob. 4.30ECh. 4 - Prob. 4.31ECh. 4 - Prob. 4.32ECh. 4 - Comparative income statements; multiple-step...Ch. 4 - Discontinued operations LO44 The following...Ch. 4 - Income statement presentation; Discontinued...Ch. 4 - Restructuring costs; Discontinued operations;...Ch. 4 - Income statement presentation; Restructuring...Ch. 4 - Income statement presentation; Discontinued...Ch. 4 - Income statement presentation; statement of...Ch. 4 - Multiple-step statement of income and...Ch. 4 - Statement of cash flows LO48 The Diversified...Ch. 4 - Integration of financial statements; Chapters 3...Ch. 4 - Statement of cash flows; indirect method LO48...Ch. 4 - Calculating activity and profitability ratios ...Ch. 4 - Use of ratios to compare two companies in the same...Ch. 4 - Creating a balance sheet from ratios; Chapters 3...Ch. 4 - Prob. 4.15PCh. 4 - Interim financial reporting Appendix 4 Branson...Ch. 4 - Prob. 4.1BYPCh. 4 - Judgment Case 42 Restructuring costs LO43 The...Ch. 4 - Prob. 4.3BYPCh. 4 - Prob. 4.4BYPCh. 4 - Prob. 4.5BYPCh. 4 - Prob. 4.6BYPCh. 4 - Prob. 4.7BYPCh. 4 - IFRS Case 48 Statement of cash flows;...Ch. 4 - Judgment Case 49 Income statement presentation;...Ch. 4 - Prob. 4.10BYPCh. 4 - Integrating Case 412 Balance sheet and income...Ch. 4 - Prob. 4.13BYPCh. 4 - Prob. 4.17BYPCh. 4 - Prob. 4.18BYPCh. 4 - Continuing Cases Target Case LO43, LO44, LO46,...
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.Similar questions
- ← → C #becausesneaker.... HW CH 17 v2.cengagenow.com/ilrn/take... Custom Order Appendix: Income statement and earnings per share for discontinued operations Apex Inc. reports the following for a recent year: Income from continuing operations before income tax expense Loss from discontinued operations Weighted average number of shares outstanding Applicable tax rate *Net of any tax effect. Apex Inc. Partial Income Statement For the Year Ended December 31 ☆ Check My Work * I Apex Inc. Partial Income Statement For the Year Ended December 31 Earnings per common share: a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense. $670,000 $120,000* 60,000 40% b. Determine the earnings per common share for Apex Inc., including per-share amounts for unusual items. Enter answers in dollars and cents, rounding to the nearest whole cent. Du + : ?arrow_forwardThe following data relates to a Joven Berhad: £000 £000 £000 Year ended 31 May 2016 2017 2018 Sales (all on credit) 130 155 180 Cost of sales 70 80 90 Expenses 45 55 60 Provision for tax 5 10 12 £1 ordinary shares in issue 100,000 100,000 100,000 Share price £1.40 £1.50 £1.60 TASKS a) For EACH of the three years calculate the following ratios: i The gross profit percentage ii The net profit after tax percentage iii The expenses to sales percentage iv The Earning Per Share v The Price Earning ratio b) Discuss briefly the trends revealed by the above ratios.arrow_forwardProblem 11-5 (Algorithmic)Special Deductions and Limitations (LO 11.3) Fisafolia Corporation has gross income from operations of $423,000 and operating expenses of $359,550 for 2021. The corporation also has $42,300 in dividends from publicly-traded domestic corporations in which the ownership percentage was 45 percent. Below is the Dividends Received Deduction table to use for this problem.arrow_forward
- Revenues and operating (marketing and administrative) expenses for the year 2021 are P7,500,000 and P4,000,000 respectively. How much is the change in Retained Earnings for the year 2021 due to the equity securities indicate whether increase or decrease?arrow_forwardWhat is the total Earnings Per Share for 2017? Note: Use 2 decimal places for the answer.arrow_forwardQuestion 2.5 As a shareholder would you still be satisfied with the profitability of the company?, please explain Notes Inventories as at 31 December 2020 amounted to R185000 All purchases and sales are on credit Credit terms to Debtors are 30 days Credit terms of 3/10 net 90 days are granted by creditors Dividends for the year amounted to R139 503arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Financial instruments products; Author: fi-compass;https://www.youtube.com/watch?v=gvxozM3TUIg;License: Standard Youtube License