An inexperienced accountant for Ming Corporation showed the following in the income statement: income before income taxes

Question:

An inexperienced accountant for Ming showed the following in the income statement: income before income taxes and discontinued operations $400,000, income from operation of discontinued retail division (before taxes) $10,000 and loss from disposal of discontinued retail division (before taxes) $80,000.The applicable tax rate is 30%. Prepare a correct income statement.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...