Question
For its fiscal year ending October 31, 2020, Haas Corporation reports the following partial data shown below. Income before income taxes $505,000 Income tax expense
For its fiscal year ending October 31, 2020, Haas Corporation reports the following partial data shown below.
Income before income taxes | $505,000 | |
Income tax expense (25% x $376,000) | 94,000 | |
Income from continuing operations | 411,000 | |
Loss on discontinued operations | 129,000 | |
Net income | $282,000 |
The loss on discontinued operations was comprised of a $56,000 loss from operations and a $73,000 loss from disposal. The income tax rate is 25% on all items. (a) Prepare a correct statement of comprehensive income beginning with income before income taxes. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).)
HAAS CORPORATION Partial Income Statement For the Year Ended October 31, 2020October 31, 2020For the Quarter Ended October 31, 2020 | ||||
Discontinued OperationsDividendsExpensesExtraordinary Loss from FloodIncome from Continuing OperationsIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained EarningsRevenuesTotal ExpensesTotal RevenuesLoss from Operations, Net of Income Tax Savings Loss on Disposal, Net of Income Tax SavingsGain from Operations of Discontinued DivisionGain from Disposal of Discontinued Division | $ | |||
Discontinued OperationsDividendsExpensesExtraordinary Loss from FloodIncome from Continuing OperationsIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained EarningsRevenuesTotal ExpensesTotal RevenuesLoss on Disposal, Net of Income Tax SavingsLoss from Operations, Net of Income Tax Savings Gain from Disposal of Discontinued DivisionGain from Operations of Discontinued Division | ||||
Discontinued OperationsDividendsExpensesExtraordinary Loss from FloodIncome from Continuing OperationsIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained EarningsRevenuesTotal ExpensesTotal RevenuesLoss on Disposal, Net of Income Tax SavingsLoss from Operations, Net of Income Tax Savings Gain from Operations of Discontinued DivisionGain from Disposal of Discontinued Division | ||||
Discontinued OperationsDividendsExpensesExtraordinary Loss from FloodIncome from Continuing OperationsIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained EarningsRevenuesTotal ExpensesTotal RevenuesLoss on Disposal, Net of Income Tax SavingsLoss from Operations, Net of Income Tax Savings Gain from Operations of Discontinued DivisionGain from Disposal of Discontinued Division | ||||
Discontinued Operations Dividends Expenses Extraordinary Loss from Flood Income from Continuing Operations Income before Income Taxes Income Tax Expense Net Income / (Loss) Retained Earnings Revenues Total Expenses Total Revenues Loss from Operations, Net of Income Tax Savings Loss on Disposal, Net of Income Tax Savings Gain from Disposal of Discontinued Division Gain from Operations of Discontinued Division | $ | |||
Discontinued Operations Dividends Expenses Extraordinary Loss from Flood Income from Continuing Operations Income before Income Taxes Income Tax Expense Net Income / (Loss) Retained Earnings Revenues Total Expenses Total Revenues Loss from Operations, Net of Income Tax Savings Loss on Disposal, Net of Income Tax Savings Gain from Operations of Discontinued Division Gain from Disposal of Discontinued Division | ||||
Discontinued OperationsDividendsExpensesExtraordinary Loss from FloodIncome from Continuing OperationsIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained EarningsRevenuesTotal ExpensesTotal RevenuesLoss on Disposal, Net of Income Tax SavingsLoss from Operations, Net of Income Tax Savings Gain from Operations of Discontinued DivisionGain from Disposal of Discontinued Division | $ |
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