complete the income statement 461111

I regular Items

shown below is information relating to operations of Ayers, Inc. for 20 10.

Continuing Operations:

Net Sales

Costs and expenses (including income taxes)

$7,000,000

6,100,000

Current-year profit generated by segment of the business

discontinued in May (net of income taxes)

gain on disposal of discontinued segment (net of income

taxes)

extraordinary loss (net of income tax benefit)

600,000

200,000

(350,000)

Th e company had 25,000 shares of common stock outstanding for six months of the year and

1 5,000 shares of stock outstanding throughout the remainder of the year. It had no preferred

st ck.

In the space below complete the income statement for Ayers, Inc. including at least 3

different earnings per share figures – 1) earnings per share from continuing operations 2)

earnings per share before extraordinary item and 3) net earnings per share:

Ayers, Inc.

Condensed Income Statement

For the Year Ended December 31, 20 I0