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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 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 Income tax expense (23% x $620,000) Income from continuing operations Loss on discontinued operations Net income $591,000 142,600 448,400 108,300 $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. NOVAK CORP. Partial Statement of Comprehensive Income For the Year Ended October 31, 2017 T Income Before Income Taxes 591000 Income Tax Expense 147750 T Income from Continuing Operations 448400 Discontinued Operations Loss from Operations 23850 Loss from Operations 57375 57375 Net Income / (Loss) 340100 340100
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