Question

The Sakai Stores Corporation calculated its income before taxes and the extraordinary loss but wants you to advise it on how to present this information to external users. Determine the extraordinary loss, net of tax; calculate the net income for the year; and explain in a brief memo to the owners how to present this information on the income statement.
Earnings before income taxes and extraordinary items . $ 700,000
Tax rate ....................... 35%
Extraordinary loss due to an earthquake in Kansas .... $ 250,000


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  • CreatedMarch 25, 2015
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