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The following items were taken from the adjusted trial balance of the Star Inc. for the year ended December 31, 2015. Assume an average 30%
The following items were taken from the adjusted trial balance of the Star Inc. for the year ended December 31, 2015. Assume an average 30% income tax on all items. The accounting period ends December 31, and all amounts given are pre-tax. Star Inc. had 9,000 common shares outstanding in 2015 and follows IFRS.
AccountBalance Cost of goods sold203,000 Depreciation expense, equipment20,000 Gain on exchange135,000 Insurance expense50,000 Interest expense56,000 Interest income54,000 Loss on sale of assets from discontinued operations84,000 Loss on sale of temporary investment100,000 Operating loss of discontinued operation to disposal date112,000 Salaries expense232,000 Sales900,000 | a) Prepare a multi-step income statement in good form. Please make sure your final answer(s) are accurate to 2 decimal places.Star Inc.Income StatementFor the Year Ended December 31, 2015
REQUIRED DISCLOSURES: 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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