-
Ratios and Income Statement
Income before income taxes $540,000
Income tax expense (30% $390,000) 117,000
Income before extraordinary items 423,000
Extraordinary loss from flood 150,000
Net income $273,000
The flood loss is considered an extraordinary item.
-
Depreciation Difference, Two Differences, Single Rate, etc.
Prepare the bottom portion of Gocker's 2011 income statement, beginning with "Income before income taxes and extraordinary item
-
Lakewood Inc. - Calculations of financial points of interest
before income taxes and extraordinary item, net income, and earnings per share disclosures on the income statement.
-
Multi-Step Income Statement
Income before taxes 830,000
Income tax (30%) 249,000
Income before extraordinary item 581,000
Hurricane loss on plant (net of tax benefit of 75,000) 175,000
Net Income $406,000
Per share of common stock-
Income before extraordinary item $5.81
-
Preparing an Income Statement for L Company
or losses
= income from continuing operations before income tax
- income tax
= income from continuing operations
+ income/- losses from discontinuing operations
= income before extraordinary item
+ gain/ - losses from extraordinary item
= net
-
Basic and Diluted EPS
Stock Income before extraordinary item 112,000
Extraordinary income, net of tax 70,000
Net income 182,000
Basic EPS
Common Stock Income before extraordinary item (112,000/100,00) = 1.12
Extraordinary income (70,000/100,000) = 0.70
Net Income
-
Multiple-Step Income and Retained Earnings Statement
tax 440,000 530,000
Income before extraordinary item 1,225,000
Extraordinary item?
-
Popson inc incurred a material loss which was not unusual in
The loss should be reported as:
a. an extraordinary loss
b. a separate line between income from continuing operations and income from discontinued operations
c. a separate line item within income from continuing operations
d. a separate line item
-
Income statement
operations, net of tax $1.01
Income before extraordinary items $6.22
Extraordinary item, net of tax $0.54
Net income per share $5.68
Computation of income from continuous operations before taxes:
As previously