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MariettaO [177]
3 years ago
12

The Esposito Import Company had 1 million shares of common stock outstanding during 2021. Its income statement reported the foll

owing items: income from continuing operations, $7 million; loss from discontinued operations, $1.4 million. All of these amounts are net of tax. Required: Prepare the 2021 EPS presentation for the Esposito Import Company. (Amounts to be deducted should be indicated with a minus sign. Round your answers to 2 decimal places.)
Business
1 answer:
borishaifa [10]3 years ago
5 0

Answer:

Explanation:

The preparation of the 2021 EPS presentation for the Esposito Import Company is shown below:

Income from continuing operations                           $7 million

Less: Loss from discontinued operations                  ($1.4 million)

Net income                                                   $5.6 million

Now the earning per share would be

Earning per share = (Net income) ÷ (Number of shares)

                              = ($5.6 million) ÷ (1 million shares)

                              = $5.6 per share

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Date       Account Titles               Debit    Credit

Mar. 1     Common Stock       $100,000

Mar. 1     Prepaid Insurance                     $1,200

Mar. 4    Service Revenue       20,000

Mar. 19  Vehicle Expenses                       1,000

Mar. 22 Accounts Receivable  3,000

Mar. 24 Rent Expense                            4,000

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Accounts Receivable

Date       Account Titles               Debit    Credit

Mar. 15   Service Revenue       $3,000

Mar. 22  Cash                                          $3,000

Prepaid Insurance

Date       Account Titles               Debit    Credit

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Date       Account Titles               Debit    Credit

Mar. 18   Salaries Expense                     $10,000

Mar. 27  Cash                             $1,000

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Date       Account Titles               Debit    Credit

Mar. 1     Cash                                       $100,000

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Date       Account Titles               Debit    Credit

Mar. 4    Cash                                         $20,000

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Date       Account Titles               Debit    Credit

Mar. 18   Salaries Payable        $10,000

Vehicle Expense

Date       Account Titles               Debit    Credit

Mar. 19   Cash                             $1,000

Rent Expense

Date       Account Titles               Debit    Credit

Mar. 24  Cash                             $4,000

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Date       Account Titles               Debit    Credit

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Mar. 22 Cash $3,000 Accounts Receivable $3,000

Mar. 24 Rent Expense $4,000 Cash $4,000

Mar. 27 Salaries Payable $1,000 Cash $1,000

Mar. 31 Cash dividends $2,500 Cash $2,500

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