Other Income Statement Elements Prowell Company reported the following income statement elements for the year ended December 31, 2000 Prowell Company had 40,000 shares of common stock outstanding on January 1, 2000, and that number did not change during the year a Compute Prowells net income for 20...

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Other Income Statement Elements Prowell Company reported the following income statement elements for the year ended December

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Other Income Statement Elements Prowell Company reported the following income statement elements for the year ended December 31, 2000:

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Prowell Company had 40,000 shares of common stock outstanding on January 1, 2000, and that number did not change during the year.

a. Compute Prowell’s net income for 2000.

b. Compute Prowell’s earnings per share for 2000.

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Financial Accounting A Decision Making Approach

ISBN: 9780471328230

2nd Edition

Authors: Thomas E. King, Valdean C. Lembke, John H. Smith

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Other Income Statement Elements Prowell Company reported the following income statement elements for the year ended December

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Gross profit $420,000 Interest income from investments 32,000 Loss on sale of discontinued operations 71,000 Extraordinary gain on insurance settlement 14,000 Cumulative adjustment for change in depreciation methods (loss) 21.000 Income tax expense 87,000

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Financial Accounting A Decision Making Approach

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