During 2012, Vitos Corporation engaged in two complex transactions to improve the…

During 2012, Vitos Corporation engaged in two complex transactions to improve the business—selling off a division and retiring bonds. The company has always issued a simple, single-step income statement, and the accountant has accordingly prepared the December 31 year-end income statements for 2011 and 2012, as shown below.

Robert Vitos, the president of Vitos Corporation, is pleased to see that both net income and earnings per share increased by almost 33 per cent from 2011 to 2012, and he intends to announce to the company’s stockholders that the plan to improve the business has been successful.


1.       Recast the 2012 and 2011 income statements in proper multistep form, including allocating income taxes to appropriate items (assume a 30 per cent income tax rate) and showing earnings per share figures (400,000 shares outstanding).

2.       What is your assessment of Vitos Corporation’s plan and business operations in 2012?

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