a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax. Apex Inc.Partial Income StatementFor the Year Ended December 31 $- Select - - Select - $- Select - - Select - $- Select - 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. Apex Inc.Partial Income StatementFor the Year Ended December 31 Earnings per common share: $- Select - - Select - $- Select -
a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax. Apex Inc.Partial Income StatementFor the Year Ended December 31 $- Select - - Select - $- Select - - Select - $- Select - 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. Apex Inc.Partial Income StatementFor the Year Ended December 31 Earnings per common share: $- Select - - Select - $- Select -
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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 | $817,500 | |
| Loss from discontinued operations | $146,250 | * |
| Weighted average number of shares outstanding | 45,000 | |
| Applicable tax rate | 40% |
*Net of any tax effect.
a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax.
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$- Select - |
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- Select - |
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$- Select - |
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- Select - |
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$- Select - |
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.
| Earnings per common share: | |
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$- Select - |
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- Select - |
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$- Select - |
Expert Solution
Step 1
Earning per share is a ration that show how much earning is generated from one share . the more is the ratio the more investors are attracted to invest on those companies.
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