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(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.
Australian financial reporting regulatory environment, the issues of regulatory capture and private interests do adversely affect the objective of the provision of useful information for users of public company financial reports
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