Reference no: EM132820677

The following balances from the books of Careless Corporation are given on March 31, 2012, which is the end of the accounting year.

$

Net Sales 600,000
Cost of goods sold 200,000
Administration expenses 160,000
Selling expenses 40,000
Restructuring costs 80,000
Dividend income 12,000
Income from discontinued operations 30,000
Loss from disposal of discontinued segment 10,000
A tax rate of 40% is charged on all income unless otherwise specified.

Required:

Problem (a) create an income statement for the company in good form at the end of the year.

Problem (b) Calculate the EPS at the end of the accounting year. The company had 100,000 shares of common stock issued and outstanding as on that date.