For its fiscal year ending October 31, 2017, Flint Corporation reports the following partial data...
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Accounting
For its fiscal year ending October 31, 2017, Flint Corporation reports the following partial data shown below.
Income before income taxes
$ 508,000
Income tax expense ( 23% $ 622,000)
143,060
Income from continuing operations
364,940
Loss on discontinued operations
116,500
Net income
$ 248,440
The loss on discontinued operations was comprised of a $ 45,200 loss from operations and a $71,300 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.
FLINT CORPORATION Partial Statement of Comprehensive Income For the Year Ended October 31, 2017 ncome Before Income Taxes 508,000 Income Tax Expense 143,060 Income from Continuing Operations 364,940 Discontinued Operations Loss on Disposal 116,500 Loss from Operations 26,795 89,705 Net Income/(Loss) 275,235
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