Question
For its fiscal year ending October 31, 2017, Swifty Corporation reports the following partial data shown below. Income before income taxes $625,000 Income tax expense
For its fiscal year ending October 31, 2017, Swifty Corporation reports the following partial data shown below.
Income before income taxes | $625,000 | |
Income tax expense (18% $516,000) | 92,880 | |
Income from continuing operations | 532,120 | |
Loss on discontinued operations | 129,600 | |
Net income | $402,520 |
The loss on discontinued operations was comprised of a $56,100 loss from operations and a $73,500 loss from disposal. The income tax rate is 18% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes.
SWIFTY CORPORATION Partial Statement of Comprehensive Income Choose the accounting period For the Month Ended October 31, 2017For the Year Ended October 31, 2017October 31, 2017 | ||||
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Select an income statement item | $Enter a dollar amount | |||
Select income statement item | Enter a dollar amount | |||
Select income statement Item | Enter a total of the two previous amounts | |||
Select income statement Item | ||||
Select an income statement item | $Enter a dollar amount | |||
Select an income statement item | Enter a dollar amount | |||
Select an income statement item | Enter a total of the two previous amounts | |||
Select a closing name for this statement s | Enter a total amount for this statement |
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