Bradenton Company Reports the following for 2012: 1. Prepare a partial income st

Question

Bradenton Company Reports the following for 2012:

1. Prepare a partial income statement for Bradenton Company beginning with income from continuing operations before income tax.

$

Bradenton, Inc. Partial Income Statement For the Year Ended December 31, 2012 Income from continuing operations before income tax $ Income tax expense Income from continuing operations $ Loss from discontinued operations (net of tax) Income before extraordinary item (net of tax) $ Extraordinary item: Loss due to hurricane Net income $

Explanation / Answer

Hi,

Please find the answer as follows:

Thanks.

Income from continuing operations before income tax 500000 Less Income Tax Expense (500000*.40) 200000 Income from continuing operations 300000 Loss from discontinued operations (Net of Tax) -90000 Income before extraordinary item 210000

Extraordinary item:
Loss due to hurricane 60000 Net Income 150000

EPS (150000/40000) 3.75

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