For its fiscal year ending October 31, 2022, Swifty Corporation reports the following partial data. Income before income taxes $535,000 Income tax expense (29%
For its fiscal year ending October 31, 2022, Swifty Corporation reports the following partial data. Income before income taxes $535,000 Income tax expense (29% x $404,000) 117,160 Income from continuing operations 417.840 Loss on discontinued operations Net income 131,000 $286,840 The loss on discontinued operations was comprised of a $56,000 loss from operations and a $75,000 loss from disposal. The income tax rate is 29% on all items. (a) Prepare a correct partial income statement, beginning with income before income taxes. (Enter loss using either a negative sign preceding the number eg.-2,945 or parentheses e.g. (2,945).) SWIFTY CORPORATION Partial Income Statement LA +4 < 69 >
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