In 2015, the MoosePants Corporation reported income from continuing operations before taxes of $865,500 and income from discontinued operations of $213,000. MoosePants also reported $82,000 of unrealized gains from fair value accounting adjustments recorded as other comprehensive income. The company is subject to a 34% tax rate and reports no permanent differences
Prepare a partial income statement including comprehensive income.
What will be an ideal response?
Answer:
Income from continuing operations before taxes
$865,500
Income tax expense
294,270
Income from continuing operations
571,230
Discontinued operations - net of tax $72,420
140,580
Net income
711,810
Other comprehensive income - net of tax $27,880
54,120
Comprehensive income
$765,930
Business
You might also like to view...
Marketing strategies rarely affect accounts receivable and inventory assets of a company
Indicate whether the statement is true or false
Business
A gross rating point equals ________
A) reach multiplied by frequency B) frequency multiplied by response C) frequency multiplied by impact D) impact multiplied by response E) reach multiplied by response
Business