Exercise 13-1

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For its fiscal year ending October 31, 2019, Ayayai Corp. reports the following partial data shown below.

Income before income taxes		$606,000
Income tax expense (17% $613,000)		104,210
Income from continuing operations		501,790
Loss on discontinued operations		115,800
Net income		$385,990

The loss on discontinued operations was comprised of a $36,000 loss from operations and a $79,800 loss from disposal. The income tax rate is 17% on all items. Prepare a correct statement of comprehensive income beginning with income before income taxes.

AYAYAI CORP. Partial Statement of Comprehensive Income For the Month Ended October 31, 2019October 31, 2019For the Year Ended October 31, 2019
ExpensesOther Comprehensive IncomeRetained EarningsTotal RevenuesLoss from OperationsComprehensive IncomeLoss on DisposalUnrealized Holding Loss of Available-for-Sale SecuritiesDiscontinued OperationsIncome Tax ExpenseIncome from Continuing OperationsRevenueNet Income / (Loss)DividendsTotal ExpensesIncome Before Income Taxes				$
Unrealized Holding Loss of Available-for-Sale SecuritiesComprehensive IncomeIncome from Continuing OperationsRetained EarningsDiscontinued OperationsLoss from OperationsRevenueTotal ExpensesLoss on DisposalOther Comprehensive IncomeNet Income / (Loss)Total RevenuesIncome Tax ExpenseIncome Before Income TaxesExpensesDividends
DividendsComprehensive IncomeTotal RevenuesIncome from Continuing OperationsRevenueLoss on DisposalUnrealized Holding Loss of Available-for-Sale SecuritiesExpensesOther Comprehensive IncomeDiscontinued OperationsNet Income / (Loss)Income Before Income TaxesRetained EarningsTotal ExpensesIncome Tax ExpenseLoss from Operations
Loss on DisposalDiscontinued OperationsRetained EarningsOther Comprehensive IncomeRevenueTotal ExpensesLoss from OperationsExpensesUnrealized Holding Loss of Available-for-Sale SecuritiesNet Income / (Loss)Total RevenuesIncome Tax ExpenseIncome Before Income TaxesComprehensive IncomeDividendsIncome from Continuing Operations
Income Tax Expense Loss on Disposal Loss from Operations Expenses Income from Continuing Operations Other Comprehensive Income Income Before Income Taxes Dividends Retained Earnings Revenue Comprehensive Income Unrealized Holding Loss of Available-for-Sale Securities Total Expenses Total Revenues Discontinued Operations Net Income / (Loss)		$
Comprehensive Income Revenue Income from Continuing Operations Total Revenues Total Expenses Expenses Income Tax Expense Income Before Income Taxes Loss from Operations Discontinued Operations Dividends Loss on Disposal Other Comprehensive Income Net Income / (Loss) Retained Earnings Unrealized Holding Loss of Available-for-Sale Securities
Income Before Income TaxesRevenueDividendsTotal ExpensesTotal RevenuesLoss on DisposalOther Comprehensive IncomeExpensesComprehensive IncomeNet Income / (Loss)Retained EarningsIncome Tax ExpenseDiscontinued OperationsLoss from OperationsUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations				$

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