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I want to know last 5 lines after earning share. If you can show me how to, it helps .Thank you. Problem 4-7 Wade Corp.
I want to know last 5 lines after earning share. If you can show me how to, it helps .Thank you.
Problem 4-7 Wade Corp. has 150,300 shares of common stock outstanding. In 2014, the company reports income from continuing operations before income tax of $1,231,000. Additional transactions not considered in the $1,231,000 are as follows. 1. 2. 3. 4. In 2014, Wade Corp. sold equipment for $38,900. The machine had originally cost $81,300 and had accumulated depreciation of $34,500. The gain or loss is considered ordinary. The company discontinued operations of one of its subsidiaries during the current year at a loss of $190,200 before taxes. Assume that this transaction meets the criteria for discontinued operations. The loss from operations of the discontinued subsidiary was $94,500 before taxes; the loss from disposal of the subsidiary was $95,700 before taxes. An internal audit discovered that amortization of intangible assets was understated by $35,600 (net of tax) in a prior period. The amount was charged against retained earnings. The company had a gain of $129,800 on the condemnation of much of its property. The gain is taxed at a total effective rate of 40%. Assume that the transaction meets the requirements of an extraordinary item. Analyze the above information and prepare an income statement for the year 2014, starting with income from continuing operations before income tax. Compute earnings per share as it should be shown on the face of the income statement. (Assume a total effective tax rate of 38% on all items, unless otherwise indicated.)(Round earnings per share to 2 decimal places, e.g. 1.48.) Analyze the above information and prepare an income statement for the year 2014, starting with income from continuing operations before income tax. Compute earnings per share as it should be shown on the face of the income statement. (Assume a total effective tax rate of 38% on all items, unless otherwise indicated.)(Round earnings per share to 2 decimal places, e.g. 1.48.) WADE CORP. Income Statement (Partial) For the Year Ended December 31, 2014 $ Income From Continuing Operations Before Income Tax 1223100 Income Tax Expense 464778 Income From Continuing Operations 758322 Net Income / (Loss) $ Loss from Operations of Discontinued Subsidiary 190,200 : $ Less Applicable Income Tax Reduction Loss from Disposal of Subsidiary 72276 95,700 117924 : Less Applicable Income Tax Reduction 36366 59344 117268 Income Before Extraordinary Item 641054 Extraordinary Item : Gain on Condemnation 129,800 : Less Applicable Income Tax 51920 77880 $ Net Income / (Loss) 718934 Earnings Per Share : $ Income From Continuing Operations 4.78 Discontinued Operations, Net of Tax 0.38 Income Before Extraordinary Item Extraordinary Item, Net of Tax $ Net Income / (Loss) 4.78Step by Step Solution
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