The Calloway Book Company’s accounting records include the following for 2018 (in thousands):
Requirements
1. Prepare Calloway Book Company’s single-step income statement for the year ended December 31, 2018, including earnings per share (EPS). Calloway had 1,000,000 shares of and no preferred stock outstanding during the year.
2. Assume Calloway Book Company’s income from operations indicates that its core business has steadily increased by about 10% per year over the past three years and that none of its operations have been discontinued. What does this say about the quality of the company’s earnings?
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