nt Exercise 4-8 Presented below are selected ledger accounts of Oriole Corporati

Question

nt Exercise 4-8 Presented below are selected ledger accounts of Oriole Corporation as of December 31, 2017. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2017) Cash dividends paid (2017) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2016 Retained earnings, December 31, 2016 Effective tax rate 30% $60,400 101,200 82,920 553,300 261,600 23,330 23,900 47,700 38,600 94,760 Your answer is correct. Compute net income for 2017 Net income 41916

Explanation / Answer

Income Statement For the year ended December 31,2017 Income from continuing operations befoe income tax 107580 Income tax 32274 Income from continuing operations 75306 Discontinued operations,less applicable income tax -33390 Net income 41916 Earnings per share: Income from continuing operations 3.62 Loss on discontinued operations, net of tax -1.60 Net income 2.01

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