1. On November 30, 2020, Clorox Corp. approved a plan to dispose of its Floor Cleaning Products Division, On December 31, 2020, the Floor Clean Division was held for sale but had not been sold. The Floor Cleaning Division (considered a separate business component) reported a net loss from operations of $202,000 before tax for the year ended December 31, 2020. The Knit Products Division has a book value and fair value (after selling expenses) of $1,440,000 and $1,320,000, respectively. Clorox Corp. reported income from.continuing operations of $360,000 before tax for 2020. Clorox Products has average weighted shares outstanding of 100,000 as of 12/31/2020. In addition, preferred dividends were declared of $20,000. Required a. Assuming an income tax rate of 25%, prepare an income statement beginning with Income from Continuing Operations. Calculate Earnings Per Share. b. Repeat the requirements of part a but now assume that the book value of the Knit Products Division is $1,280,000 on December 31, 2020. Calculate Earnings per Share

1. On November 30, 2020, Clorox Corp. approved a plan to dispose of its Floor Cleaning Products Division, On December 31, 2020, the Floor Clean Division was held for sale but had not been sold. The Floor Cleaning Division (considered a separate business component) reported a net loss from operations of $202,000 before tax for the year ended December 31, 2020. The Knit Products Division has a book value and fair value (after selling expenses) of $1,440,000 and $1,320,000, respectively. Clorox Corp. reported income from.continuing operations of $360,000 before tax for 2020. Clorox Products has average weighted shares outstanding of 100,000 as of 12/31/2020. In addition, preferred dividends were declared of $20,000. Required a. Assuming an income tax rate of 25%, prepare an income statement beginning with Income from Continuing Operations. Calculate Earnings Per Share. b. Repeat the requirements of part a but now assume that the book value of the Knit Products Division is $1,280,000 on December 31, 2020. Calculate Earnings per Share

Name: i have completed this in excel but would like to compare my answers 1.
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Description: i have completed this in excel but would like to compare my answers 1. On November 30, 2020, Clorox Corp. approved a plan to dispose of its Floor CleaningProducts Division, On December 31, 2020, the Floor Clean Division was held for salebut had not b

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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