Exercises 13-1

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

Income before income taxes$540,000Income tax expense (20% $420,000)84,000Income from continuing operations456,000Loss on discontinued operations120,000Net income$336,000

The loss on discontinued operations was comprised of a $50,000 loss from operations and a $70,000 loss from disposal. The income tax rate is 20% on all items.

correct statement of comprehensive income, beginning with income before income taxes.

HAAS CORPORATION

Partial Statement of Comprehensive Income