Question
For its fiscal year ending October 31, 2020, Antonio Corporation reports the following partial data. Income before income taxes $390,000 Income tax expense (40% x
For its fiscal year ending October 31, 2020, Antonio Corporation reports the following partial data.
Income before income taxes | $390,000 | |
Income tax expense (40% x $509,000) | 203,600 | |
Income from continuing operations | 186,400 | |
Gain from discontinued operations | 119,000 | |
Net income | $305,400 |
The income tax rate is 40% on all items. (a) Prepare a correct income statement, beginning with income before income taxes.
ANTONIO CORPORATION Partial Income Statement October 31, 2020For the Month Ended October 31, 2020For the Year Ended October 31, 2020 | ||
Gain from Discontinued Operations Net of TaxesIncome before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from Discontinued Operations Net of TaxesNet Income | $ | |
Gain from Discontinued Operations Net of TaxesIncome before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from Discontinued Operations Net of TaxesNet Income | ||
Gain from Discontinued Operations Net of TaxesIncome before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from Discontinued Operations Net of TaxesNet Income | ||
Gain from Discontinued Operations Net of TaxesIncome before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from Discontinued Operations Net of TaxesNet Income | ||
Gain from Discontinued Operations Net of TaxesIncome before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from Discontinued Operations Net of TaxesNet Income | $ |
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