Discontinued Operations
the Operations of Global Entertainment, Inc $\text {GLOBAL ENTERTAINMENT, INC.}$

question 62

Essay

Discontinued operations
The operations of Global Entertainment, Inc., for the current year are summarized below:
Global Entertainment had 400,000 shares of capital stock outstanding. Complete the following condensed income statement for the year, including the appropriate earnings per share figures.
$$\begin{array} { | l | c | c | } \hline & \text { From } & { \text { From } } \\\hline & \text { Continuing } & \text { Discontinued } \\\hline & \text { Operations } & \text { Segment } \\\hline \text { Net sales } & \$ 8,060,000 & \$ 2,275,000 \\\hline \text { Costs and expenses (including } & & \\\hline \text { applicable income taxes } & 6,890,000 & 3,315,000 \\\hline \text { Gain on disposal of discontinued } & & \\\hline \text { segment, net of income taxes } & & 676,000 \\\hline\end{array}$$ $\text {GLOBAL ENTERTAINMENT, INC.}$
$\text {Income Statement}$
$\text {For the Year Ended December 31, 2010}$
$\begin{array}{|ll|c|} \hline \text { Net sales } & \text { } & \$\\\hline \text { Costs and expenses (including applicable } & \text { } & \text { }\\\hline \text { income taxes) } & \text { } & \text { }\\ \hline\text { } & \text { } & \text { }\\\hline \text { } & \text { } & \text { }\\\hline \text { Earnings per share: } & \text { } & \text { }\\\hline\end{array}$

---

Definitions:

Lack of Trust

A feeling or attitude that arises from a belief that others are not reliable, worthy of confidence, or dependable.

Career Development

The lifelong process of learning about self, jobs, and organizations; setting personal career goals; developing strategies for achieving those goals; and adapting to the changing demands of work and life roles.

Caregiver Role

The duties and activities performed by someone to meet the physical and emotional needs of a family member, friend, or client who requires assistance.

Breadwinner

The primary or sole earner of income in a household, responsible for supporting the family financially.