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

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
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Accounting 1 Year Ago 38 Views
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