Chapter 4 The Income Statement and Statement of Cash Flows23

Chapter 4 The Income Statement and Statement of Cash Flows23

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Exercise 4-5 CHANCE COMPANY Partial Income Statement For the Year Ended December 31, 2011 Income from continuing operations . ................................... $ 350,000 Discontinued operations: Loss from operations of discontinued component (including loss on disposal of $400,000) * ............................... (530,000) Income tax benefit . ........................................................... 212,000 Loss on discontinued operations . ..................................... (318,000 ) Net income . .........................................................................
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Unformatted text preview: $ 32,000 Earnings per share: Income from continuing operations . ................................... $ 3.50 Loss from discontinued operations . .................................... (3 .18 ) Net income . ......................................................................... $ .32 * Loss on discontinued operations: Loss on sale of assets $(400,000) Operating loss (130,000 ) Total before-tax loss (530,000) Less: Income tax benefit (40%) 212,000 Net-of-tax loss $(318,000 )...
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