Envoy Co . manufactures and sells household products . Envoy experienced losses associated with its small appliance group . Operations and cash flows for this group can be clearly distinguished from the rest of Envoy ' s operations . Envoy plans to sell the small appliance group with its operations . What is the earliest point at which Envoy should report the small appliance group as a discontinued operation ?
Question 15
An extraordinary gain should be reported as a direct increase to which of the following ?
Question 16
Poe Co . had 300,000 shares of common stock issued and outstanding at December 31 , 2004 . No common stock was issued during 2005 . On January 1 , 2005 , Poe issued 200,000 shares of nonconvertible preferred stock . During 2005 , Poe declared and paid $ 75,000 cash dividends on the common stock and $ 60,000 on the preferred stock . Net income for the year ended December 31 , 2005 was $ 330,000 . What should be Poe ' s 2005 earnings per common share ?
Question 17
On December 1 , 2005 , Clay Co . declared and issued a 6 % stock dividend on its 100,000 shares of outstanding common stock . There was no other common stock activity during 2005 . What number of shares should Clay use in determining earnings per share for 2005 ?
Question 18
Wyatt Co . has a probable loss that can only be reasonably estimated within a range of outcomes . No single amount within the range is a better estimate than any other amount . The loss accrual should be