Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Swifty Corporation had income from continuing operations of $10,826,400 in 2025. During 2025, it disposed of its restaurant division at an after-tax loss of
Swifty Corporation had income from continuing operations of $10,826,400 in 2025. During 2025, it disposed of its restaurant division at an after-tax loss of $190,800. Prior to disposal, the division operated at a loss of $320,500 (net of tax) in 2025 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Swifty had 10,000,000 shares of common stock outstanding during 2025. Prepare a partial income statement for Swifty beginning with income from continuing operations. (Round earnings per share to 2 decimal places, e.g. 1.48.) Income from Continuing Operations Discontinued Operations SWIFTY CORPORATION Income Statement (Partial) December 31, 2025 Loss from Operations of Discontinued Restaurant Division + Loss on Disposal of Restaurant Division Net Income/(Loss) Earnings per Share Income from Continuing Operations Loss on Disposal of Discontinued Operations Net Income/(Loss) Net Income/(Loss) Earnings per Share 69 69 190800 320500 A .05 1.03 GA 10,826.400 511300 10315100 1.08 10315100 1.03
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started