The following are partial income statement account balances taken from the December 31, 2018. year-end trial balance of White and Sons, Inc.: restructuring costs, $480,000; interest revenue, $58,000:before-tax loss on discontinued operations, $580,000; and loss on sale of investments, $68.000. Income tax expense has not yet been recorded. The income tax rate is 40%. Prepare the lower portion of the 2018 income statement beginning with $940,000 income from continuing operations before income taxes. Include appropriate EPS disclosures. The company had 120,000 shares of common stock outstanding throughout the year. (Amounts to be deducted should be indicated with a minus sign. Round "EPS" answers to 2 decimal places.) WHITE AND SONS, INC. Partial Income Statement For the Year Ended December 31, 2018 Income from continuing operations before income taxes Income from continuing operations Earnings per share: Income from continuing operations Loss on discontinued operations Net income The Esposito Import Company had 1 million shares of common stock outstanding during 2018. Its income statement reported the following items: income from continuing operations, $10 million; loss from discontinued operations, $2.3 million. All of these amounts are net of tax. Required: Prepare the 2018 EPS presentation for the Esposito Import Company. (Amounts to be deducted should be indicated with a minus sign. Round your answers to 2 decimal places.) 10.00 Earnings per share: Income from continuing operations Loss from discontinued operations Net income Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises. $11,000 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2018 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold $ 4,200 Depreciation 320 Insurance 500 Administrative and other 2,600 Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Dec. 31, 2018 Assets: Cash $ 460 Accounts receivable 790 Inventory 760 Prepaid insurance 130 plant and equipment 2,900 Less: Accumulated depreciation (1,000) Total assets $ 4,040 7,620 3,380 1, 352 $ 2,028 Dec. 31, 2017 $ 280 910 680 50 2,200 (680) $ 3, 450 TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2018 ($ in thousands) 1 TL TTTT TTTTT 111 1 1 1 11 1 Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises. $8,080 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2018 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold $ 3,540 Depreciation 420 Insurance 280 Administrative and other 1,980 Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information (s in thousands) Dec. 31, 2018 Assets: Cash 480 Accounts receivable 930 Inventory 820 Prepaid insurance 140 plant and equipment 3.000 Less: Accumulated depreciation (1,200) Total assets $ 4,170 6,220 1,860 780 $1,080 Dec. 31, 2017 $ 380 1,010 780 110 2,700 (780) $4,200 (1, 200) $4.170 (780) $4,200 480 480 Total assets Liabilities and Shareholders' Equity: Accounts payable Payables for administrative and other expenses Income taxes payable Note payable (due 12/31/2019) Common stock Retained earnings Total liabilities and shareholders' equity 380 980 1,080 770 $ 4,170 $ 540 580 330 780 980 990 $4,200 Required: Prepare the cash flows from operating activities section of Tiger's 2018 statement of cash flows using the direct method. Assume that all purchases and sales of inventory are on account, and that there are no anticipated bad debts for accounts receivable. (Hint: Use T. accounts for the pertinent items to isolate the information needed for the statement.) (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2018 ($ in thousands) Cash flows from operating activities: Net cash flows from operating activities 1 $ 0
