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Question - Presented below are selected ledger accounts of Crawford Corporation as of December 31, 20X1.
Cash $100,000
Administrative expenses 200,000
Selling expenses 100,000
Net sales 900,000
Cost of goods sold 300,000
Cash dividends declared (20X1) 50,000
Discontinued operations (loss before income taxes) 100,000
Effective tax rate = 30%
Instructions -
(a) Compute net income for 20X1. (Show calculations)
(b) Prepare partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 10,000 shares of common stock were outstanding during 20X1.
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What is the amount of the check?
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