solutions%20ch04 - AIM 3331-0U1 Solutions to suggested...

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AIM 3331-0U1 Solutions to suggested assignments Chapter 4 BRIEF EXERCISE 4-4 Income from continuing operations $12,600,000 Discontinued operations Loss from operation of discontinued restaurant division (net of tax) $315,000 Loss from disposal of restaurant division (net of tax) 189,000 504,000 Net income $12,096,000 Earnings per share Income from continuing operations $1.26 Discontinued operations, net of tax (.05 )* Net income $1.21 *Rounded BRIEF EXERCISE 4-5 Income before income tax and extraordinary item $7,300,000 Income tax 2,190,000 Income before extraordinary item 5,110,000 Extraordinary item—loss from casualty $770,000 Less: Applicable income tax 231,000 539,000 Net income $4,571,000 Earnings per share Income before extraordinary item $1.02* Extraordinary loss, net of tax (.11 )* Net income $ .91 *Rounded EXERCISE 4-2 (25–35 minutes) (a) Total net revenue: Sales $390,000 Less: Sales discounts $ 7,800 Sales returns 12,400 20,200 Net sales 369,800 Dividend revenue 71,000 Rental revenue
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solutions%20ch04 - AIM 3331-0U1 Solutions to suggested...

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