Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Waterway Corporation had income from continuing operations of $10,614,900 in 2025. During 2025, it disposed of its restaurant division at an after-tax loss of

image text in transcribedimage text in transcribed

Waterway Corporation had income from continuing operations of $10,614,900 in 2025. During 2025, it disposed of its restaurant division at an after-tax loss of $191.400. Prior to disposal, the division operated at a loss of $323,500 het of tax) in 2025 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Waterway had 10,000,000 shares of common stock outstanding during 2025. Prepare a partial income statement for Waterway beginning with income from continuing operations. (Round earnings per share to 2 decimal places, e.g. 1.48.) Income from Continuing Operations Discontinued Operations Loss on Disposal of Restaurant Division WATERWAY CORPORATION Income Statement (Partial) For the Year Ended December 31, 2025 Loss from Operations of Discontinued Restaurant Division 191400 i 323500 i 10614900 $14900 Income from Continuing Operations Discontinued Operations Loss on Disposal of Restaurant Division 191400 i Loss from Operations of Discontinued Restaurant Division 323500 Net Income/(Loss) Earnings per Share Income from Continuing Operations Gain on Disposal of Restaurant Division Gain from Operations of Discontinued Restaurant Division Discontinued Operations Net Income/(Loss) 10614900 514900 10100000 0.05 1.06 101

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield

13th Edition

9780470374948, 470423684, 470374942, 978-0470423684

More Books

Students also viewed these Accounting questions