FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

I need the exact format for the earnings per share please

REED COMPANY December 31 2021 2020 $ 4,400,000 $ 3,500,000 2,860,000 800,000 360,000 150,000 200,000 48,000 Sales revenue 2,000,000 675,000 302,000 140,000 200,000 Cost of goods sold Administrative expense Selling expense Interest revenue Interest expense Loss on sale of assets of discontinued component 1/1/21 - Results of operations for discontinued component (included above): Sales Cost of goods sold Administrative expense Selling expenses Operating income before taxes 9/30/21 2020 400,000 $ (290,000) (50,000) (20,000) 40,000 '$ 120,000 500,000 (320,000) (40,000) (20,000) Additional information: Uninsured damage due to fire Cost of obsolete inventory Obsolete inventory sold for scrap 50,000 40,000 5,000 Income tax rate 25% Common stock shares 300,000
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Transcribed Image Text:REED COMPANY December 31 2021 2020 $ 4,400,000 $ 3,500,000 2,860,000 800,000 360,000 150,000 200,000 48,000 Sales revenue 2,000,000 675,000 302,000 140,000 200,000 Cost of goods sold Administrative expense Selling expense Interest revenue Interest expense Loss on sale of assets of discontinued component 1/1/21 - Results of operations for discontinued component (included above): Sales Cost of goods sold Administrative expense Selling expenses Operating income before taxes 9/30/21 2020 400,000 $ (290,000) (50,000) (20,000) 40,000 '$ 120,000 500,000 (320,000) (40,000) (20,000) Additional information: Uninsured damage due to fire Cost of obsolete inventory Obsolete inventory sold for scrap 50,000 40,000 5,000 Income tax rate 25% Common stock shares 300,000
Comparative Income Statements for the Years Ended December 31 2021 2020 $ 4,000,000 $ 3,000,000 (2,570,000) 1,430,000 Sales revenue Cost of goods sold Gross profit Cperating ererses: Administrative expense Selling expense Loss on building (fire damage) Loss on inventory write-down Total operating expenses (1,680,000) 1,320,000 (750,000) (340,000) (50,000) (35,000) (1,175,000) 255,000 (635,000) (282,000) (917,000) 403,000 Operating income Cther inccme (exnense Interest revenue Interest expense Total other income (net) Income from continuing operations before income taxes Income tax expense Income from continuing operations Discontinued operations: Income (loss) from operations of discontinued component (inoluding loss on disposal of $48,000 in 2021) Income tax benefit (expense) Income (loss) on discontinued operations 150,000 140,000 (200,000) (50,000) (200,000) (60,000) 205,000 (51,250) 153,750 343,000 [85,750) 257,250 (8,000) 2,000 (6,000) 147,750 $ 347,250 120,000 (3,000) 90,000 Net income Correct! Correct! Earnings per shave: Income from continuing operations before Discontinued operations 300,000 shares 1.14 Net income
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Transcribed Image Text:Comparative Income Statements for the Years Ended December 31 2021 2020 $ 4,000,000 $ 3,000,000 (2,570,000) 1,430,000 Sales revenue Cost of goods sold Gross profit Cperating ererses: Administrative expense Selling expense Loss on building (fire damage) Loss on inventory write-down Total operating expenses (1,680,000) 1,320,000 (750,000) (340,000) (50,000) (35,000) (1,175,000) 255,000 (635,000) (282,000) (917,000) 403,000 Operating income Cther inccme (exnense Interest revenue Interest expense Total other income (net) Income from continuing operations before income taxes Income tax expense Income from continuing operations Discontinued operations: Income (loss) from operations of discontinued component (inoluding loss on disposal of $48,000 in 2021) Income tax benefit (expense) Income (loss) on discontinued operations 150,000 140,000 (200,000) (50,000) (200,000) (60,000) 205,000 (51,250) 153,750 343,000 [85,750) 257,250 (8,000) 2,000 (6,000) 147,750 $ 347,250 120,000 (3,000) 90,000 Net income Correct! Correct! Earnings per shave: Income from continuing operations before Discontinued operations 300,000 shares 1.14 Net income
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