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Crazy boy [7]
3 years ago
12

Gallant Company reported net income of $2,500,000. The income statement included one extraordinary item: a $500,000 gain from co

ndemnation of land and a $200,000 loss on discontinued operations, both after applicable income tax.
There were 100,000 shares of $10 par common stock and 40,000 shares of $4 preferred stock outstanding throughout the current year.
Required: Prepare the earnings per share section of Gallant Company
Business
1 answer:
Zepler [3.9K]3 years ago
7 0

Answer:

Explanation:

Income from contunuing operations:

Net income 2,500,000

Less: gain from condemnation of land 500,000

Add: loss on discontinued operations 200,000

Income from contunuing operations 2,200,000

Earcnings per common share [(2,200,000-160,000)/100,000]

EPS Income statement

Earcnings per common share $20.40

Less: loss on discontinued operations $2 (200,000/100,000)

Add: gain from condemnation of land $5 (500,000/100,000)

Net income $23.40

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Explanation:

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6 0
3 years ago
When financing a car, you must pay ___ on the amount borrowed.
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3 years ago
"Mrs. Smith operates a business in a competitive market. The current market price is $8.10. At her profit-maximizing level of pr
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Answer:

Mrs.Smith should continue to operate the business in the short run but shut down in the long run.

Explanation:

According to the shut down rule, at the profit-maximizing positive level of output, a business in a competitive market should continue to operate in the short-term if the price equals to or is greater than the average variable cost, but should shut down in the long term if the price is less than or equal to total cost. Here,

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Mrs.Smith should continue to operate the business in the short run but shut down in the long run.

8 0
3 years ago
Read 2 more answers
Bell Inc. took a physical inventory at the end of the year and determined that $830,000 of goods were on hand. In addition, Bell
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Answer:

Bell inc should report $980,000 as the total amount of inventory at the end of the year.

Explanation:

Given information -

Inventory that were on hands - $830,000

Inventory that was in transit - $60,000

Inventory that was out on consignment - $90,000

Here for taking out the total inventory all of the given above items would be added .

Inventory that was in transit would be added because these f.o.b. goods would be considered transferred from seller to buyer as soon as they are shipped, so it doesn't matter if they're received two days after the inventory count , they will be added.

Goods which are sent on consignment would also be added because goods would remain in the name of consignor ( Bell inc ) until they're sold by consignee ( an agent who has been hired by Bell inc to sell its goods )

Inventory at end of year - $830,000 + $60,000 + $90,000

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3 years ago
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