Weighted average common shares outstanding 4000000 Earnings per share Income

Weighted average common shares outstanding 4000000

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Weighted average common shares outstanding 4,000,000 Earnings per share Income from continuing operations $3.57* Discontinued operations, net of tax (.52 )** Net income $3.05 *** *($15,372,500 – $1,075,000) ÷ 4,000,000. (Rounded) **$2,096,250 ÷ 4,000,000. (Rounded) ***($13,276,250 – $1,075,000) ÷ 4,000,000. 7
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EXERCISE 4-15 (15–20 minutes) (a) ROXANNE CARTER CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2017 Sales revenue ............................................................................. $1,200,000 Cost of goods sold ..................................................................... 750,000 Gross profit ................................................................................. 450,000 Selling and administrative expenses ....................................... 320,000 Net income .................................................................................. 130,000 Other comprehensive income unrealized holding gain ......... 18,000 Comprehensive income ............................................................. $ 148,000 (b) ROXANNE CARTER CORPORATION Income Statement For the Year Ended December 31, 2017 Sales ............................................................................................ $1,200,000 Cost of goods sold ..................................................................... 750,000 Gross profit ................................................................................. 450,000 Selling and administrative expenses ....................................... 320,000 Net income .................................................................................. $ 130,000 Net income .................................................................................. $ 130,000 Other comprehensive income unrealized holding gain ......... 18,000 Comprehensive income ............................................................. $ 148,000 8
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