For its fiscal year ending October 31, 2020, Antonio Corporation reports the following partial data. Income before
Question:
For its fiscal year ending October 31, 2020, Antonio Corporation reports the following partial data.
Income before income taxes | $390,000 | |
Income tax expense (40% x $509,000) | 203,600 | |
Income from continuing operations | 186,400 | |
Gain from discontinued operations | 119,000 | |
Net income | $305,400 |
The income tax rate is 40% on all items.
(a) Prepare a correct income statement, beginning with income before income taxes.
ANTONIO CORPORATION Partial Income Statement October 31, 2020For the Month Ended October 31, 2020For the Year Ended October 31, 2020 | ||
Gain from Discontinued Operations Net of TaxesIncome before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from Discontinued Operations Net of TaxesNet Income | $ | |
Gain from Discontinued Operations Net of TaxesIncome before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from Discontinued Operations Net of TaxesNet Income | ||
Gain from Discontinued Operations Net of TaxesIncome before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from Discontinued Operations Net of TaxesNet Income | ||
Gain from Discontinued Operations Net of TaxesIncome before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from Discontinued Operations Net of TaxesNet Income | ||
Gain from Discontinued Operations Net of TaxesIncome before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from Discontinued Operations Net of TaxesNet Income | $ |
LINK TO TEXT |
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt