Solution-Prepare a partial income statement beginning

Prepare a partial income statement beginning

Reference no: EM131790314

Problem - Income Statement, EPS

Presented below are selected ledger accounts of McGraw Corporation as of December 31, 2010.

Cash	$50,000
Administrative expenses	100,000
Selling expenses	80,000
Net sales	547,500
Cost of goods sold	223,100
Cash dividends declared (2010)	20,000
Cash dividends paid (2010)	15,000
Discontinued operations (loss before income taxes)	46,200
Depreciation expense, not recorded in 2009	30,000
Retained earnings, December 31, 2009	90,000
Effective tax rate	30%

(a) Compute net income for 2010.

(b) Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 20,000 shares of common stock were outstanding during 2010.

Reference no: EM131790314

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Prepare a partial income statement beginning

Reference no: EM131790314

Reference no: EM131790314

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