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Zeus Company reports the following for the current year: Income from continuing operations before income tax $500,000 Loss from discontinued operations $90,000* Weighted average number
Zeus Company reports the following for the current year:
Income from continuing operations before income tax | $500,000 |
Loss from discontinued operations | $90,000* |
Weighted average number of common shares outstanding | 40,000 |
Applicable tax rate | 40% |
*Net of any tax effect
Required:
1. Prepare a partial income statement for Zeus Company beginning with income from continuing operations before income tax.
Zeus Inc. | |
Partial Income Statement | |
For the Year Ended December 31 | |
$ | |
$ | |
$ |
2. Calculate the earnings per common share for Zeus, including per-share amount for unusual items. Round your answers to two decimal places.
Zeus Inc. | |
Partial Income Statement | |
For the Year Ended December 31 | |
Earnings per common share: | |
Income from continuing operations | $ |
Loss from discontinued operations | |
Net Income | $ |
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