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Make partial income statement for Apex Inc

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Reference no: EM132788006

Question - Income Statement and Earnings per Share for Discontinued Operations

Apex Inc. reports the following for a recent year:

Income from continuing operations before income tax expense $1,000,000

Loss from discontinued operations $240,000*

Weighted average number of shares outstanding 20,000

Applicable tax rate 40%*

Net of any tax effect.

Required -

a. Make partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense.

b. Determine the earnings per common share for Apex Inc., including per-share amounts for unusual items.

Reference no: EM132788006

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