Exercises 131 Your answer is partially correct Try again For

Exercises 13-1 Your answer is partially correct. Try again. For its fiscal year ending October 31, 2017, Sheffield Corp. reports the following partial data shown below Income before income taxes Income tax expense (2396 $630,000) 144,900 Income from continuing operations Loss on discontinued operations Net income $593,000 448,100 91,100 $357,000 The loss on discontinued operations was comprised of a S 30,200 loss from operations and a $60,900 loss from disposal. The income tax rate is 23% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes SHEFFIELD CORP Income or the Year Ended October 31, 201 593,00 144,900 100 ome Before Income Taxes ome Tax B come from Continuing Operati iscontinued Operati 1,100 $357,00 et Income (Loss

Solution

Income before income taxes 593000 Income tax expense 136390 =593000*23% Income from continuing operations 456610 Discontinued operations Loss on disposal -23254 =-30200*(1-0.23) Loss from operations -46893 =-60900*(1-0.23) -70147 Net income(loss) 386463 Alternatively losses can be written without minus signs