Question
For its fiscal year ending October 31, 2017, Haas Corporation reports the following partial data shown below. Income before income taxes $560,000 Income tax expense
For its fiscal year ending October 31, 2017, Haas Corporation reports the following partial data shown below.
Income before income taxes | $560,000 | |
Income tax expense (34% x $429,000) | 145,860 | |
Income from continuing operations | 414,140 | |
Loss on discontinued operations | 131,000 | |
Net income | $283,140 |
The loss on discontinued operations was comprised of a $55,000 loss from operations and a $76,000 loss from disposal. The income tax rate is 34% on all items. (a) Prepare a correct statement of comprehensive income beginning with income before income taxes.
Haas Corporation
Partial Income Statement
____________________ $______
____________________ -______
____________________ _______
____________________ _______
____________________ _______
____________________ $______
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