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The following items were taken from the adjusted trial balance of the ABC Inc. for the year ended December 31, 2015. Assume an average 25%
The following items were taken from the adjusted trial balance of the ABC Inc. for the year ended December 31, 2015. Assume an average 25% income tax on all items. The accounting period ends December 31, and all amounts given are pre-tax. ABC Inc. had 7,000 common shares outstanding in 2015 and follows IFRS. Account Cost of goods sold... Depreciation expense, equipment.. Gain on retirement of bonds.. Insurance expense. Balance 168,000 28,000 115,000 58,000 Interest expense 54,000 Interest income. 42,000 Loss on sale of assets from discontinued operations... 72,000 Loss on sale of long-term investment.. 125,000 Operating loss of discontinued operation to disposal date 104,000 Salaries expense 208,000 Sales. a) Prepare a multi-step income statement in good form. Please make sure your final answer(s) are accurate to 2 decimal places. ABC Inc. Income Statement For the Year Ended December 31, 2015 REQUIRED DISCLOSURES: 800,000 b) Calculate basic earnings per share (EPS) from continuing operations. Please make sure your final answer(s) are accurate to 2 decimal places. EPS = $ c) Calculate basic earnings per share from discontinued operations. Please make sure your final answer(s) are accurate to 2 decimal places. EPS = $ d) Calculate basic earnings per share from net income. Please make sure your final answer(s) are accurate to 2 decimal places. EPS = $ e) Report the tax amount for the operating loss from discontinued operations. Please make sure your final answer(s) are accurate to the nearest whole number. Tax amount = $ f) Report the tax amount for the loss on sale of assets from discontinued operations. Please make sure your final answer(s) are accurate to the nearest whole number. Tax amount = $
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