Question
Can someone help me with this question? The blank spaces are the ones that I can't figure out. Your answer is partially correct. Try again.
Can someone help me with this question? The blank spaces are the ones that I can't figure out.
Your answer is partially correct. Try again. | |
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Trayer Corporation has income from continuing operations of $257,000 for the year ended December 31, 2014. It also has the following items (before considering income taxes).
1. | An extraordinary loss of $80,500. | |
2. | A gain of $29,800 on the discontinuance of a division. | |
3. | A correction of an error in last years financial statements that resulted in a $15,700 understatement of 2013 net income. |
Assume all items are subject to income taxes at a 33% tax rate. (a) Prepare an income statement, beginning with income from continuing operations.
[Partially correct answer.]
Your answer is partially correct. Try again.
Trayer Corporation has income from continuing operations of $257,000 for the year ended December 31, 2014. It also has the following items (before considering income taxes).
1.
An extraordinary loss of $80,500.
2.
A gain of $29,800 on the discontinuance of a division.
3.
A correction of an error in last years financial statements that resulted in a $15,700 understatement of 2013 net income.
Assume all items are subject to income taxes at a 33% tax rate. (a) Prepare an income statement, beginning with income from continuing operations.
TRAYER CORPORATION Partial Income Statement For the Year Ended December 31, 2014
[Entry field with correct answer] [Entry field with incorrect answer] Income From Continuing Operations $257,000
[Entry field with correct answer] Discontinued Operations
[Entry field with incorrect answer now contains modified data] $ [Entry field with incorrect answer] Discontinued Operations Dividends Expenses Extraordinary Item Extraordinary Loss Gain on Discontinued Division Income Before Extraordinary Item Income Before Income Taxes Income From Continuing Operations Income Tax Expense Loss from Operations of Music Division Net Income / (Loss) Retained Earnings Total Expenses Total Revenues
[Entry field with correct answer] [Entry field with incorrect answer] Income Before Extraordinary Item $
[Entry field with correct answer] Extraordinary Item
[Entry field with correct answer] [Entry field with correct answer] Extraordinary Loss $ (53,935)
[Entry field with correct answer] [Entry field with incorrect answer] Net Income / (Loss) $
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