Prepare a partial income statement beginning with the

Reference no: EM13597359

Presented below are selected ledger accounts of McGraw Corporation as of December 31, 2012.

Cash $ 50,000
Administrative expenses 100,000
Selling expenses 80,000
Net sales 544,100
Cost of goods sold 219,700
Cash dividends declared (2012) 20,000
Cash dividends paid (2012) 15,000
Discontinued operations (loss before income taxes) 41,400
Depreciation expense, not recorded in 2011 30,000
Retained earnings, December 31, 2011 90,000
Effective tax rate 30%

(a) Compute net income for 2012

(b) Prepare a partial income statement beginning with the 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.

Reference no: EM13597359

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