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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Corporate Income Statement
e12A. Business appliCation ? Components of Van Corporation’s income statement for the year ended December 31, 2014 follow. Recast the income statement in multi- step form, including allocating income taxes to appropriate items (assume a 30 percent income tax rate) and showing earnings per share figures (200,000 shares outstanding). (Round earnings per share figures to the nearest cent.)
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|
Sales |
$1,110,000 |
|
Cost of goods sold |
(550,000) |
|
Operating expenses |
(225,000) |
|
Restructuring |
(110,000) |
|
Total income taxes expense for period |
(179,100) |
|
Income from discontinued operations |
160,000 |
|
Gain on disposal of discontinued operations |
140,000 |
|
Extraordinary gain |
72,000 |
|
Net income |
$ 417,900 |
|
Earnings per share |
$ 2.09 |
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