ACC2100%20Chapter%20Five%20Problem

ACC2100%20Chapter%20Five%20Problem - P5­4 1. CUNNINGHAM...

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Unformatted text preview: P5­4 1. CUNNINGHAM COMPANY Partial Income Statement For Year Ended December 31, 2007 Pretax income from continuing operations Income tax expense Income from continuing operations Results from discontinued operations Loss from operations on discontinued operaton (net of $9,900 income tax credit) Gain on sale of Discontinued operation (net of $4,500 income taxes) 10,500 Income before extraordinary items Extraordinary loss (net of $6,300 income tax credit) Net Income $150,500 105,350 (45,150) $(23,100) (12,600) 92,750 (14,700) $ 78,050 Components of Income Income from continuing operations Results from discontinued operations Extraordinary loss Net income Earnings Per Share (30,000 common shares) $3.51 (0.42) (0.49) $2.60 2. CUNNINGHAM COMPANY Statement of Retained Earnings For Year Ended December 31, 2007 Retained earnings, 1/1/2007 Less: Prior period adjustment (net of $14,400 income tax credit) Adjusted retained earnings, 1/1/2007 Add: Net income for 2007 $365,200 (33,600) 78,050 $331,600 $409,650 Less: Cash dividends ($0.72 per share) Retained earnings, 12/31/2007 (21,600) $388,050 ...
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ACC2100%20Chapter%20Five%20Problem - P5­4 1. CUNNINGHAM...

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