Answered step by step
Verified Expert Solution
Question
1 Approved Answer
For its fiscal year ending October 31, 2019, Grouper Corp. reports the following partial data shown below. Income before income taxes $605,000 Income tax expense
For its fiscal year ending October 31, 2019, Grouper Corp. reports the following partial data shown below.
Income before income taxes | $605,000 | |
Income tax expense (15% $626,000) | 93,900 | |
Income from continuing operations | 511,100 | |
Loss on discontinued operations | 108,500 | |
Net income | $402,600 |
The loss on discontinued operations was comprised of a $38,800 loss from operations and a $69,700 loss from disposal. The income tax rate is 15% on all items. Prepare a correct statement of comprehensive income beginning with income before income taxes.
GROUPER CORP. Partial Statement of Comprehensive Income For the Year Ended October 31, 2019 v Income Before Income Taxes 605000 Income Tax Expense -90750 Income from Continuing Operations 514250 Discontinued Operations Loss on Disposal 32980 Loss from Operations 59245 92225 Net Income /(Loss) 422025Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started