Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

$

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Data And Analytics Playbook Proven Methods For Governed Data And Analytic Quality

Authors: Lowell Fryman, Gregory Lampshire, Dan Meers

1st Edition

0128023074, 978-0128023075

More Books

Students also viewed these Accounting questions

Question

General Purpose of Your Speech Analyzing Your Audience

Answered: 1 week ago

Question

Ethical Speaking: Taking Responsibility for Your Speech?

Answered: 1 week ago