Prepare a correct statement of comprehensive income beginning with income before
ID: 2336263 • Letter: P
Question
Prepare a correct statement of comprehensive income beginning with income before taxes. Exercise 18-12 For its fiscal year ending October 31, 2017, Haas Corporation reports the following partial data shown below Income before income taxes Income tax expense (25% $458,000) Income from continuing operations Loss on discontinued operations Net income $580,000 114,500 465,500 122,000 $343,500 The loss on discontinued operations was comprised of a $S 1,000 loss from operations and a S71,000 loss from disposal. The i come tax rate is 25% on all lters Prepare a correct statement of comprehensive income beginning with income before income taxes. HAAS CORPORATION Partial Income StatementExplanation / Answer
Note: Reductions have been shown with a minus sign for explanatory purposes. Kindly fill as required with appropriate headings from the drop-downs since the same has not been provided with the question.
HAAS CORPORATION Partial Income Statement For the Year Ended October 31, 2017 Income before income taxes 580000 Income tax expense (25% x $580000) -145000 Income from continuing operations 435000 Loss from operations of discontinued division -51000 Loss from disposal of discontinued division -71000 Net income $ 313000