Compute net income. Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 19,300 shares of common stock were outstanding during 2014.

 

 

Cash $63,000 Administrative expenses 106,200 Selling expenses 83,560 Net sales 548,500 Cost of goods sold 260,200 Cash dividends declared (2017) 20,810 Cash dividends paid (2017) 22,500 Discontinued operations (loss before income taxes) 50,000 Depreciation expense, not recorded in 2016 39,900 Retained earnings, December 31, 2016 92,610 Effective tax rate 30%