1) Presented below are selected ledger accounts of Bridgeport Corporation as of December 31, 2017....
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Accounting
1) Presented below are selected ledger accounts of Bridgeport Corporation as of December 31, 2017.
Cash
$60,400
Administrative expenses
101,200
Selling expenses
82,920
Net sales
553,300
Cost of goods sold
261,600
Cash dividends declared (2017)
23,330
Cash dividends paid (2017)
23,900
Discontinued operations (loss before income taxes)
47,700
Depreciation expense, not recorded in 2016
38,600
Retained earnings, December 31, 2016
94,760
Effective tax rate 30%
1) Compute Net Income for 2017
Net income= $________
2)Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 20,810 shares of common stock were outstanding during 2017. (Round earnings per share to 2 decimal places, e.g. 1.58.)
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