For its fiscal year ending October 31, 2014, Haas Corporation reports the following partial data shown below.
Question:
For its fiscal year ending October 31, 2014, Haas Corporation reports the following partial data shown below.
Income before income taxes .............$540,000
Income tax expense (30% 3 $420,000) ......... 126,000
Income before extraordinary items ........... 414,000
Extraordinary loss from flood ............. 120,000
Net income .....................$294,000
The flood loss is considered an extraordinary item. The income tax rate is 30% on all items.
Instructions
(a) Prepare a correct income statement, beginning with income before income taxes.
(b) Explain in memo form why the income statement data are misleading.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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