Question : 82. Canton Corporation reported the following items in its adjusted trial : 1412611

82.

Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2016:

Income from continuing operations before income taxes	$110,000
Gain on disposal of discontinued component	28,000
Loss from operations of discontinued component	(50,000 )

Canton is subject to a 30% tax rate.

Required:

Prepare the December 31, 2016, income statement for Canton Corporation, starting with income from continuing operations before income taxes.

83.

Plano Co. 12/31/16	Debits	Credits
Partial Trial Balance Data

Sales revenue		700,000
Interest revenue		60,000
Gain on sale of investments		110,000
Cost of goods sold	500,000
Selling expenses	150,000
Restructuring costs	40,000
Interest expense	30,000
General and administrative expenses	60,000

Plano had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 30%.

Required:

Prepare a single-step income statement with earnings per share disclosure.

Solution

5 (1 Ratings )

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Question : 82. Canton Corporation reported the following items in its adjusted trial : 1412611

Solution 5 (1 Ratings )

Solution

5 (1 Ratings )