Zeus Company Reports the Following for the Current Year *Net of Any Tax Effect
a Prepare a Partial Income

question 12

Essay

Zeus Company reports the following for the current year:
$\begin{array}{|l|c|}\hline \text { Income from continuing operations before income tax } & \$ 500,000 \\\hline \text { Extraordinary property loss from hurricane } & \$ 60,000^{*} \\\hline \text { Loss from discontinued operations } & \$ 90,000^{*} \\\hline \text { Weighted average number of common shares outstanding } & 40,000 \\\hline \text { Applicable tax rate } & 40 \% \\\hline\end{array}$ *Net of any tax effect
a Prepare a partial income statement for Zeus Company beginning with income from continuing operations before income tax.
b Calculate the earnings per common share for Zeus,including per-share amount for unusual items.

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Definitions:

Hearing Deficits

A range of conditions where there is a decrease in the ability to perceive sounds as compared to the normal levels.

Position Changes

Alterations in the positioning of a body or body part, often recommended to relieve pressure or improve comfort.

Sense of Modesty

An awareness or attitude that leads one to be reserved or modest in behavior, dress, or speech.

Abdominal Auscultation

The process of listening to the sounds within the abdomen using a stethoscope as part of a physical examination, often used to assess the activity of the gastrointestinal tract.