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Q13SE

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Horngren'S Financial And Managerial Accounting
Found in: Page 710

Short Answer

Reporting earnings per share

Return to the ABC data in Short Exercise S13-12. ABC had 8,000 shares of common stock outstanding during 2018. ABC declared and paid preferred dividends of $4,000 during 2018.

Show how ABC reports EPS data on its 2018 income statement.

Report shows Income from continuous operation EPS is $0.93, Discontinued operations EPS is $0.27 and Net Income EPS is $1.21.

See the step by step solution

Step by Step Solution

Step 1: Computation

Step 2: Reporting EPS-

ABC Corporation

Income Statement

Dec 31, 2018

Earnings per share of common stock (8,000 outstanding shares)

Income from continuous operation

$0.93

Discontinued operations

$0.27

Net Income

$1.21

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