Maulder Corporation has income from continuing operations of $290,000 for the ye

Question

Maulder Corporation has income from continuing operations  of $290,000 for  the year ended December 31, 2014. It also has the following items (before  considering income taxes).

1. An extraordinary loss of $70,000. 2. A gain of $35,000 on  the discontinuance of a division. 3. A correction of an error in last year Maulder Corporation has income from continuing operations  of $290,000 for  the year ended December 31, 2014. It also has the following items (before  considering income taxes).

1. An extraordinary loss of $70,000. 2. A gain of $35,000 on  the discontinuance of a division. 3. A correction of an error in last year Exercise 14-13 Maulder Corporation has income from continuing operations of $290,000 for the year ended December 31, 2014. It also has the following items (before considering income taxes). Assume all items are subject to income taxes at a 30% taxes at a 30% tax rate. Prepare an income statement, be dining with income from continuing operations.

Explanation / Answer

MAULDER CORPORATION Partial Income Statement For the Year Ended December 31, 2014 $ income from continuing operations 290000 extraordinary loss -70000 gain on the discontinuance of a division 35000 understatement of 2013 net income 25000 gross total income 280000 tax 84000 net income 196000

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