Shown below is information relating to operations of Broadway Industries for 2015. Continuing...
Question:
Shown below is information relating to operations of Broadway Industries for 2015.
Continuing operations:
| Net sales | $6,500,000 |
| Cost and expenses (including income taxes) | $5,720,000 |
| Other data: | |
| Current-year profit generated by segment of the business discontinued in May (net of income taxes) | $542,100 |
| Gain on disposal of discontinued segment (net of income taxes) | $185,900 |
| Prior-period adjustment (decrease in prior years income net of tax benefit) | $347,100 |
| Extraordinary loss (net of income tax benefit) | $325,000 |
| Cash dividends declared ($6 per share) | $520,000 |
Complete the income statement for Broadway Industries, including earnings per share figures. Broadway Industries has 100,000 shares of a single class of common stock outstanding throughout the year.
Income statement
The proper format for an income statement is as follows: Sales less expenses less income taxes equal profit. Earnings per share is equal to earnings divided by number of outstanding shares.
Answer and Explanation: 1
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| Net sales | $6,500,000 |
| Cost and expenses (including income taxes) | $(5,720,000) |
| Extraordinary items | |
| Current-year profit generated by... |
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