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Calculate earnings per share before extraordinary items

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Reference no: EM132635627

The following information is the property of Circle Automotive covering the year ended 2012 :

Administrative expense $2,000

Dividend income 10,000

Income taxes $ 100,000

Interest expense 20,000

Merchandise inventory, 1/ 1 650,000

Merchandise inventory, 12/3 1 440,000

Flood loss (net of tax) 30,000

Purchases 460,000

Sales 1,000,000 Selling expenses 43,000

Requested

Question a. Prepare multiple-step income statement.

Question b. Assuming 100,000 ordinary shares outstanding, calculate earnings per share before extraordinary items and earnings per share.

Question c. Prepare single-step income statement.

Reference no: EM132635627

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