During the current year, Sports +, Inc., operated two business segments: a chain

Question

During the current year, Sports +, Inc., operated two business segments: a chain of surf and dive shops and a small chain of tennis shops. The tennis shops were not profitable and were sold near year-end to another corporation. Sports + operations for the current year are summarized below. The first two captions, "Net sales" and "Costs and expenses," relate only to the company's continuing operations. Net sales $ 12,500,000 Costs and expenses (including applicable income tax) 8,600,000 Operating loss from tennis shops (net of income tax benefit) 192,000 Loss on sale of tennis shops (net of income tax benefit) 348,000 The company had 182,000 shares of a single class of capital stock outstanding throughout the year. a. Prepare a condensed income statement for the year. At the bottom of the statement, show any appropriate earnings per share figures. (Amounts to be deducted should be indicated with a minus sign. Round your Earnings per share answers to 2 decimal places. Omit the "$" sign in your response.) I did manage to find all the numbers except for: Earnings from continuing operations and Loss from disc operations Thanks.

Explanation / Answer

Earnings from continuing operations and Loss from disc operations====> Here is the answer in English - you will need to do the math - Sales - Cost of Goods Sold = Gross Profit Gross Profit - Sell, Gen Exp and Research and Develop Exp = Operating Income Operating Income - Income Taxes = Net Income From Continuing Operations Net Income From Con Op + Extra Gain - Loss From Disc Operations = Net Income A/P is on the balance sheet so not part of the income statement Net cash from operations if found on the statement of cash flows, not the income statement

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