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H How do you get loss from disposal of discontinued segment net of tax and income from operations of disconuinted segment net of tax ?
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How do you get loss from disposal of discontinued segment net of tax and income from operations of disconuinted segment net of tax ?
Superb Homes Corporation provided he following statement o net income on December 31, 2017, be ore the disposal o a business segment. The income statement includes the results of operations of Superb's mobile home division. The company made a commitment to dispose of the mobile home division on December 1, 2017 EEB Click the icon to view the December 31, 2017 statement of net income before the disposal of the mobile home division.) e home d ision accounts or 20% o sales, cost o goods sold, selling, and general and administrative The mo expenses. Assume no gain or loss on remeasurement of the division. Prepare the multiple-step income statement for 2017 only assuming that Superb sells the segment on December 31 at a $145 pretax loss. ( is subject to a 40% income to enter any loss amount.) tax rate. Round you Income Statement before disposal of segmert 112 Less: Cost of Goods Sold Gross Profit Operating Expenses: Selling Expenses General and Administrative Expenses S 528 Superb Homes Corporation Income Statement For the Year Ended December 31, 2017 80 800 (140) 660 (100) (60) 25) (50) 425 (170) 255 Sales 128 Total Operating Expenses Operating Income Other Revenues and Expenses Loss on Asset Impairment Income From Continuing Operations Before Tax Income Tax Expense Income From Continuing Operations Cost of goods sold S 400 Gross profit Selling expenses General and administrative expenses Other revenues and expenses Loss on asset impairment Income before tax Income tax expense (at 40%) Net incone S 325 130 S 195 Loss From Disposal of Discontinued Segment, Net of Tax Income From Operations of Discontinued Segment, Net of Tax Net Income $(87) 60 168 Print Done This question is complete. Move your cursor over or tap on the red arrows to see incorrect answersStep by Step Solution
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