Income from continuing operations
Response to the following problem:
The following are partial income statement account balances taken from the December 31, 2016, year-end trial balance of White and Sons, Inc.: restructuring costs, $300,000; interest revenue, $40,000; before-tax loss on discontinued operations, $400,000; and loss on sale of investments, $50,000. Income tax expense has not yet been recorded. The income tax rate is 40%.
Prepare the lower portion of the 2016 income statement beginning with $850,000 income from continuing operations before income taxes.
Include appropriate EPS disclosures.
The company had 100,000 shares of common stock outstanding throughout the year.