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4 years ago

The following information is available for Windsor Inc. for the year ended December 31, 2017:_______.

Business

1 answer:

Lapatulllka [165]4 years ago

4 0

Answer:

Requirement

Prepare Income statement

Calculate the per share of common stock

Windsor Inc.

Income statement for the year ended December 31, 2017

Sales $3,775,000

Less: Cost of goods sold $1,648,000

Gross profit $2,127,000

Operating expenses

Selling expenses $876,000

Administrative expenses $507000

Total operative expenses $1,383,000

Operative income $744,000

Other revenues and (expenses):

Rent revenue $98000

Gain on sale of equipment $31000

Interest expenses ($57,000) $72,000

Income before income taxes $816,000

Income tax applicable to continuing $297,000

operations

income from continuing operations $519,000

Discontinued operations:

Loss on discontinued operations ($66000)

Income tax applicable to loss on ($23,000)

discontinued operations

Total discontinued operations $89,000

Income before extraordinary item $430,000

Extraordinary item:

Loss on write-down of inventory ($37000)

Income after extraordinary item $393,000

Other comprehensive income:

Unrealized gain on available-for-sale securities $27,000

Comprehensive Income $420,000

EPS = Net Income of a company / Outstanding Shares

EPS = $420,000/200,000

EPS = $2.1 per share

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