Solution-Prepare a partial income statement beginning with

Prepare a partial income statement beginning with income

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Reference no: EM13529493

(Income Statement, EPS) Presented below are selected amounts from the records of McGraw Corporation as of December 31, 2012.

Cash	$ 50,000
Administrative expenses	100,000
Selling expenses	80,000
Net sales	540,000
Cost of goods sold	260,000
Cash dividends declared (2012)	20,000
Cash dividends paid (2012)	15,000
Discontinued operations (loss before income taxes)	40,000
Depreciation expense, not recorded in 2011	30,000
Retained earnings, December 31, 2011	90,000
Effective tax rate 30%

Instructions

(a) Compute net income for 2012.

(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 2012.

Reference no: EM13529493

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Prepare a partial income statement beginning with income

Reference no: EM13529493

Reference no: EM13529493

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