Excel_Student_04-44kh

Excel_Student_04-44kh - $5.00 Loss from discontinued...

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04-44 Name: Kathy Haines Enter the appropriate numbers/formulas in the blue-shaded cells. The word "Wrong" will appear to the left of incorrect entries. PLUSH TEXTILES INC. Income Statement (Partial) For the year Ended December 31, 2013 Income from operations before income taxes $240,000 Income taxes 90,000 Income from continuing operations $150,000 Discontinued operations: Loss from operations of discontinued textiles division (including loss on disposal of $60,000) $(38,000) Income tax benefit (15,200) (22,800) Extraordinary gain (net of income taxes of $12,400) 18,600 Net income $145,800 Earnings per share: Income from continuing operations
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Unformatted text preview: $5.00 Loss from discontinued operations (0.76) Extraordinary gain 0.62 Net income $4.86 PLUSH TEXTILES INC. Retained Earnings Statement For the Year Ended December 31, 2013 Retained earnings, January 1, 2013 $580,000 Add: Correction of sales understatement in 2012 (net of income taxes of $17,500) 32,500 $612,500 Deduct correction for omission of depreciation of prior periods (net of income tax refund claim of $6,400) 9,600 Adjusted retained earnings, January 1, 2013 $602,900 Add: Net income 145,800 $748,700 Deduct: Dividends 45,000 Retained earnings, December 31, 2013 $703,700...
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Excel_Student_04-44kh - $5.00 Loss from discontinued...

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