Question
Presented below are selected ledger accounts of Swifty Corporation as of December 31, 2017. Cash $51,700 Administrative expenses 100,200 Selling expenses 81,000 Net sales 552,400
Presented below are selected ledger accounts of Swifty Corporation as of December 31, 2017. Cash $51,700 Administrative expenses 100,200 Selling expenses 81,000 Net sales 552,400 Cost of goods sold 260,900 Cash dividends declared (2017) 21,040 Cash dividends paid (2017) 23,700 Discontinued operations (loss before income taxes) 40,900 Depreciation expense, not recorded in 2016 31,500 Retained earnings, December 31, 2016 93,940 Effective tax rate 30% Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 20,340 shares of common stock were outstanding during 2017.
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