Question
For its fiscal year ending October 31, 2022, Novak Corp. reports the following partial data shown below. Income before income taxes $486,000 Income tax expense
For its fiscal year ending October 31, 2022, Novak Corp. reports the following partial data shown below.
Income before income taxes | $486,000 | |
Income tax expense (20% $378,000) | 75,600 | |
Income from continuing operations | 410,400 | |
Loss on discontinued operations | 108,000 | |
Net income | $302,400 |
The loss on discontinued operations was comprised of a $45,000 loss from operations and a $63,000 loss from disposal. The income tax rate is 20% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes.
NOVAK CORP. Partial Statement of Comprehensive Income choose an accounting period For the Year Ended October 31, 2022October 31, 2022For the Month Ended October 31, 2022 | ||||
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select a comprehensive income item Total ExpensesRevenueNet Income / (Loss)Income Tax ExpenseLoss on DisposalDiscontinued OperationsLoss from OperationsOther Comprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesDividendsExpensesTotal RevenuesIncome Before Income TaxesIncome from Continuing OperationsRetained EarningsComprehensive Income | $enter a dollar amount | |||
select a comprehensive income item ExpensesOther Comprehensive IncomeLoss on DisposalRevenueRetained EarningsIncome from Continuing OperationsTotal RevenuesUnrealized Holding Loss of Available-for-Sale SecuritiesIncome Before Income TaxesLoss from OperationsTotal ExpensesDiscontinued OperationsDividendsIncome Tax ExpenseNet Income / (Loss)Comprehensive Income | enter a dollar amount | |||
select a comprehensive income item RevenueDiscontinued OperationsTotal RevenuesExpensesLoss on DisposalDividendsComprehensive IncomeLoss from OperationsUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing OperationsOther Comprehensive IncomeTotal ExpensesRetained EarningsNet Income / (Loss)Income Before Income TaxesIncome Tax Expense | enter a subtotal of the two previous amounts | |||
select a comprehensive income item ExpensesRetained EarningsRevenueIncome Tax ExpenseLoss on DisposalDividendsTotal RevenuesOther Comprehensive IncomeNet Income / (Loss)Unrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing OperationsIncome Before Income TaxesDiscontinued OperationsComprehensive IncomeTotal ExpensesLoss from Operations | ||||
select a comprehensive income item Total RevenuesIncome from Continuing OperationsOther Comprehensive IncomeNet Income / (Loss)Unrealized Holding Loss of Available-for-Sale SecuritiesComprehensive IncomeTotal ExpensesLoss on DisposalDividendsIncome Tax ExpenseRevenueIncome Before Income TaxesDiscontinued OperationsLoss from OperationsExpensesRetained Earnings | $enter a dollar amount | |||
select a comprehensive income item Income Tax ExpenseLoss on DisposalDiscontinued OperationsTotal ExpensesIncome from Continuing OperationsLoss from OperationsOther Comprehensive IncomeIncome Before Income TaxesTotal RevenuesExpensesNet Income / (Loss)Retained EarningsUnrealized Holding Loss of Available-for-Sale SecuritiesComprehensive IncomeRevenueDividends | enter a dollar amount | |||
enter a subtotal of the two previous amounts | ||||
select a summarizing line for this part of statement Income Tax ExpenseDiscontinued OperationsComprehensive IncomeTotal RevenuesLoss from OperationsLoss on DisposalIncome from Continuing OperationsDividendsTotal ExpensesIncome Before Income TaxesOther Comprehensive IncomeRevenueRetained EarningsUnrealized Holding Loss of Available-for-Sale SecuritiesNet Income / (Loss)Expenses | enter a total amount for this part |
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