Question

The Flounder Corporation had income from continuing operations of $13 million in 2020. During 2020, it disposed of its restaurant division at a loss of $82,000 (net of tax of $38,000). Before the disposal, the division operated at a loss of $218,000 (net of tax of $135,000) in 2020. Blue Collar also had an unrealized gain-OCI of $44,000 (net of tax of $18,000) related to its FV-OCI equity investments. Flounder had 10 million common shares outstanding during 2020.

Prepare a partial statement of financial performance for Flounder, beginning with income from continuing operations.

Flounder Corporation Partial Statement of Comprehensive Income choose the accounting period                                                          December 31, 2020For the Month Ended December 31, 2020For the Year Ended December 31, 2020
select a comprehensive income item                                                          Income from Continuing OperationsGross Profit / (Loss)Other Comprehensive IncomeDiscontinued OperationsComprehensive incomeNet Income / (Loss)				$enter a dollar amount
select an opening name for section one                                                          Gross Profit / (Loss)Discontinued OperationsIncome from Continuing OperationsOther Comprehensive IncomeNet Income / (Loss)Comprehensive income
select a comprehensive income item                                                          Loss from Disposal of Restaurant Division (Net of Tax)Gain from Disposal of Restaurant Division (Net of Tax)Loss on FV-OCI Investments (Net of Tax)Loss from Operation of discontinued Restaurant Division (Net of Tax)Gain from Operation of discontinued Restaurant Division (Net of Tax)Unrealized Gain on FV-OCI Investments (Net of Tax)		$enter a dollar amount
select a comprehensive income item                                                          Loss from Disposal of Restaurant Division (Net of Tax)Unrealized Gain on FV-OCI Investments (Net of Tax)Gain from Disposal of Restaurant Division (Net of Tax)Loss on FV-OCI Investments (Net of Tax)Loss from Operation of discontinued Restaurant Division (Net of Tax)Gain from Operation of discontinued Restaurant Division (Net of Tax)		enter a dollar amount
				enter a subtotal of the two previous amounts
select a summarizing line for the first part                                                          Gross Profit / (Loss)Other Comprehensive IncomeNet Income / (Loss)Comprehensive incomeIncome from Continuing OperationsDiscontinued Operations				enter a total amount for the first part
select an opening name for section two                                                          Comprehensive incomeIncome from Continuing OperationsDiscontinued OperationsNet Income / (Loss)Gross Profit / (Loss)Other Comprehensive Income
Items that will not be reclassified subsequently to net income or loss:
select a comprehensive income item                                                          Gain from Operation of discontinued Restaurant Division (Net of Tax)Loss on FV-OCI Investments (Net of Tax)Loss from Disposal of Restaurant Division (Net of Tax)Loss from Operation of discontinued Restaurant Division (Net of Tax)Unrealized Gain on FV-OCI Investments (Net of Tax)Gain from Disposal of Restaurant Division (Net of Tax)				enter a dollar amount
select a closing name for this statement                                                          Income from Continuing OperationsGross Profit / (Loss)Net Income / (Loss)Discontinued OperationsComprehensive incomeOther Comprehensive Income				$enter a total amount for this statement

Calculate earnings per share. (Round answers to 2 decimal places, e.g. 52.75.)

Earnings Per Share:
select a comprehensive income item                                                          Net IncomeComprehensive incomeIncome from Continuing OperationsDiscontinued OperationsOther Comprehensive Income		$enter a dollar amount per share rounded to 2 decimal places
select a comprehensive income item                                                          Other Comprehensive IncomeIncome from Continuing OperationsNet IncomeDiscontinued OperationsComprehensive income		enter a dollar amount per share rounded to 2 decimal places
select a comprehensive income item                                                          Net IncomeIncome from Continuing OperationsDiscontinued OperationsOther Comprehensive IncomeComprehensive income		$enter a total amount

Answer 1