Exercise 13-1

For its fiscal year ending October 31, 2017, Sheffield Corp. reports the following partial data shown below.

Income before income taxes		$593,000
Income tax expense (23% $630,000)		144,900
Income from continuing operations		448,100
Loss on discontinued operations		91,100
Net income		$357,000

The loss on discontinued operations was comprised of a $30,200 loss from operations and a $60,900 loss from disposal. The income tax rate is 23% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes.

RESOURCES Ch13 Assignment The loss on discontinued operations was comprised of a $30,200 loss from operations and a $60,900 loss from disposal-The income tax rate is 23% on all items. Exercises 13 Prepare a correct statement of comprehensive income, beginning with income before income taxes Exercise 13-10 SHEFFIELD CORP rtial Statement of Comprehensive Income For the Year Ended October 31, 2017 Review Score Review Results by Study Objective Income Before Income Taxes 593,000 Income Tax Expense 144,900 Income from Continuing Operations 448,100 Loss on Disposal Loss from Operations 91,100 Loss from Operations 30,200 Net Income / (Loss) 357,000