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For its fiscal year ending October 31, 2017, Novak Corp. reports the following partial data shown below. Income before income taxes$591,000 Income tax expense (23%
For its fiscal year ending October 31, 2017, Novak Corp. reports the following partial data shown below.
Income before income taxes$591,000 Income tax expense (23% $620,000)142,600 Income from continuing operations 448,400 Loss on discontinued operations108,300 Net income$340,100
The loss on discontinued operations was comprised of a $31,800 loss from operations and a $76,500 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
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