For the year ended December 31st, 2018 McDonald Inc reported a Net Income before tax of...
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For the year ended December 31st, 2018 McDonald Inc reported a Net Income before tax of $600,000. Included in that amount amounts related to their manufacturing division, which qualifies for treatment as a discontinued operations. The manufacturing division had a loss from operations (before tax) of $50,000 and a loss from disposition of $40,000 (after tax). Assume the company has a tax rate of 30%. 1. Calculate the after tax net income from continuing operations 2. Prepare the "discontinued" operations section that would appear on McDonald Inc's statement of comprehensive income For the year ended December 31st, 2018 McDonald Inc reported a Net Income before tax of $600,000. Included in that amount amounts related to their manufacturing division, which qualifies for treatment as a discontinued operations. The manufacturing division had a loss from operations (before tax) of $50,000 and a loss from disposition of $40,000 (after tax). Assume the company has a tax rate of 30%. 1. Calculate the after tax net income from continuing operations 2. Prepare the "discontinued" operations section that would appear on McDonald Inc's statement of comprehensive income
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Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
Posted Date:
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