the following items are from taper line corporation on december 31 2000 assume a fla 544258
The following items are from Taper line Corporation on December 31, 2000. Assume a flat 40% corporate tax rate on all items, including the casualty loss.
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the following items are from taper line corporation on december 31 2000 assume a fla 544258
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$670,000 |
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Rental income |
3,600 |
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Gain on the sale of fixed assets |
3,000 |
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General and administrative expenses |
110,000 |
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Selling expenses |
97,000 |
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Interest expense |
1,900 |
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Depreciation for the period |
10,000 |
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Extraordinary item (casualty loss—pretax) |
30,000 |
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Cost of sales |
300,000 |
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Common stock (30,000 shares outstanding) |
150,000 |
Required
a. Prepared a single-step income statement for the year ended December 31, 2000. Include earnings per share for earnings before extraordinary items and net income.
b. Prepare a multiple-step income statement. Include earnings per share for earnings before extraordinary items and net income.
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