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For its fiscal year ending October 31, 2017, Haas Corporation reports the following partial data shown below. Income before income taxes $500,000 Income tax expense
For its fiscal year ending October 31, 2017, Haas Corporation reports the following partial data shown below.
Income before income taxes | $500,000 | |
Income tax expense (18% $369,000) | 66,420 | |
Income from continuing operations | 433,580 | |
Loss on discontinued operations | 131,000 | |
Net income | $302,580 |
The loss on discontinued operations was comprised of a $57,400 loss from operations and a $73,600 loss from disposal. The income tax rate is 18% on all items. (a) Prepare a correct statement of comprehensive income beginning with income before income taxes.
HAAS CORPORATION Partial Statement of Co hensive Income For the Year Ended October 31, 2017 Income before Income Taxes 500000 Income Tax Expense Income from Continuing Operations Loss from Disposal of Discontinued Division Loss from Operations of Discontinued Division Net Income(Loss)Step by Step Solution
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