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.
$$\begin{array} { | l | c | c | } \hline & \text { From } & { \text { From } } \\\hline & \text { Continuing } & \text { Discontinued } \\\hline & \text { Operations } & \text { Segment } \\\hline \text { Net sales } & \$ 8,060,000 & \$ 2,275,000 \\\hline \text { Costs and expenses (including } & & \\\hline \text { applicable income taxes } & 6,890,000 & 3,315,000 \\\hline \text { Gain on disposal of discontinued } & & \\\hline \text { segment, net of income taxes } & & 676,000 \\\hline\end{array}$$ $\text {GLOBAL ENTERTAINMENT, INC.}$
$\text {Income Statement}$
$\text {For the Year Ended December 31, 2010}$
$\begin{array}{|ll|c|} \hline \text { Net sales } & \text { } & \$\\\hline \text { Costs and expenses (including applicable } & \text { } & \text { }\\\hline \text { income taxes) } & \text { } & \text { }\\ \hline\text { } & \text { } & \text { }\\\hline \text { } & \text { } & \text { }\\\hline \text { Earnings per share: } & \text { } & \text { }\\\hline\end{array}$

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Definitions:

Platelets

Small cell fragments in the blood that are crucial for blood clotting and wound healing, preventing excessive bleeding.

Thrombin

An enzyme in the blood that facilitates the conversion of fibrinogen to fibrin, playing a critical role in the clotting process.

White Blood Cells

Cells of the immune system involved in protecting the body against both infectious disease and foreign invaders by responding to pathogens and initiating immune responses.

Vein

(1) A blood vessel that carries blood from the tissues toward a chamber of the heart (compare with artery). (2) A strand of vascular tissue that is part of the network of conducting tissue in a leaf; also called a vascular bundle.