For its fiscal year ending December 31, 2017, Conner Corporation reported the following partial data Income before
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Question:
For its fiscal year ending December 31, 2017, Conner Corporation reported the following partial data
Income before income taxes | | $1,200,000 |
Income tax expense (30% x 950,000) | | 285,000 |
Income from continuing operations | | 915,000 |
Discontinued operations loss | | 250,000 |
Net income | | $665,000 |
The discontinued operations loss was comprised of a $100,000 loss from operations and a $150,000 loss from disposal. The income tax rate is 30% on all items.
Prepare a correct statement of comprehensive income beginning with income before income taxes.
CONNER CORPORATION Partial Statement of Comprehensive Income For the Year Ended December 31, 2017 | ||||
Gain from operationsDiscontinued operationsGross profit / (loss)Gain from disposalLoss from operationsLoss from disposalNet income / (loss)Income tax expenseIncome before income taxesIncome from continuing operations | | | | $ |
Net income / (loss)Gross profit / (loss)Income tax expenseDiscontinued operationsLoss from operationsIncome from continuing operationsGain from operationsLoss from disposalGain from disposalIncome before income taxes | | | | |
Gross profit / (loss)Discontinued operationsNet income / (loss)Gain from disposalIncome before income taxesIncome tax expenseIncome from continuing operationsLoss from operationsGain from operationsLoss from disposal | | | | |
Income tax expenseGain from disposalIncome before income taxesNet income / (loss)Discontinued operationsGross profit / (loss)Income from continuing operationsLoss from operationsGain from operationsLoss from disposal | | | | |
Income tax expense Income from continuing operations Loss from operations Discontinued operations Gain from operations Loss from disposal Gain from disposal Net income / (loss) Income before income taxes Gross profit / (loss) | | $ | | |
Loss from disposal Gross profit / (loss) Gain from disposal Income before income taxes Net income / (loss) Income tax expense Income from continuing operations Loss from operations Gain from operations Discontinued operations | | | | |
Gain from disposalLoss from disposalNet income / (loss)Income before income taxesGain from operationsGross profit / (loss)Income tax expenseLoss from operationsIncome from continuing operationsDiscontinued operations | | | | $ |
Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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