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Income Statement and Earnings per Share for Discontinued Operations Apex Inc
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 $1,000,000
Loss from discontinued operations $240,000*
Weighted average number of shares outstanding 20,000
Applicable tax rate 40%*
Net of any tax effect.
a. partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense.
Apex Inc.Partial Income StatementFor the Year Ended December 31
Income from continuing operations before income tax expense $
Income tax expense $
Income from continuing operations $
Loss on discontinued operations $
Net income $
b. Determine the earnings per common share for Apex Inc., including per-share amounts for unusual items.
Apex Inc.Partial Income StatementFor the Year Ended December 31
??Earnings per common share:
Income from continuing operations
Loss from discontinued operations
Net income
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