am.105. Eastern Aviation operated both an airline and several restaurants located near airports. During the year just ended,all restaurant operations were discontinued and the following operating results were reported.Continuing operations (airline):Net salesCosts and expensesOther data:Operating income from restaurants (net of income tax)Gain on sale of restaurants (net of income tax)Non recurring lossAll of these amounts are before income taxes unless indicated otherwise. The company's income tax rate is 40percent. The nonrecurring loss resulted from damage to a warehouse that is not related to the discontinuedrestaurant operations. Eastern Aviation had 1,000,000 shares of capital stock outstanding throughout the year.Complete this question by entering your answers in the tabs below.Required:a. Prepare a condensed income statement, including proper presentation of the discontinued restaurant operationsand the nonrecurring loss. Include all appropriate earnings per share figures.b. Assume that you expect the profitability of Eastern Aviation operations to decline by 5 percent next year. What isyour estimate of the company's net earnings per share next year?Required A$ 56,000,00040,700,000Required BNet earnings800,0004,956,0003,360,000Assume that you expect the profitability of Eastern Aviation operations to decline by 5 percent next year. What is yourestimate of the company's net earnings per share next year? (Round your intermediate calculations and final answer to 2decimal places.)per share

An income statement stands for the statement that shows profits and loss of the firm, its revenue…

Eastern Aviation operated both an airline and several restaurants located near airports. During the year just ended, all restaurant operations were discontinued and the following operating results were reported. Continuing operations (airline): Net sales Costs and expenses Other data: Operating income from restaurants (net of income tax) Gain on sale of restaurants (net of income tax) Nonrecurring loss $ 56,000,000 40,700,000 800,000 4,956,000 3,360,000 All of these amounts are before income taxes unless indicated otherwise. The company's income tax rate is 40 percent. The nonrecurring loss resulted from damage to a warehouse that is not related to the discontinued restaurant operations. Eastern Aviation had 1,000,000 shares of capital stock outstanding throughout the year.

Eastern Aviation operated both an airline and several restaurants located near airports. During the year just ended, all restaurant operations were discontinued and the following operating results were reported. Continuing operations (airline): Net sales Costs and expenses Other data: Operating income from restaurants (net of income tax) Gain on sale of restaurants (net of income tax) Nonrecurring loss $ 56,000,000 40,700,000 800,000 4,956,000 3,360,000 All of these amounts are before income taxes unless indicated otherwise. The company's income tax rate is 40 percent. The nonrecurring loss resulted from damage to a warehouse that is not related to the discontinued restaurant operations. Eastern Aviation had 1,000,000 shares of capital stock outstanding throughout the year.

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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