Barb's Bait Corporation has operating income of $0.95 million, a loss on sale of investments of $125,000, and income tax expense of $237,500 for the year ended December 31, 2024, before considering the following item: a $200,000 gain, after tax, from the disposal of an operating segment. Required: Prepare the 2024 multiple step income statement for Barb's Bait Corporation beginning with operating income. (Enter your answer in dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000).) BARB'S BAIT CORPORATION Income Statement For the Year Ended December 31, 2024 Operating income Loss on sale of investments Income before tax Income tax expense Income from continuing operations Discontinued operation: Gain from disposal of operating segment, net of tax $ 950,000
Barb's Bait Corporation has operating income of $0.95 million, a loss on sale of investments of $125,000, and income tax expense of $237,500 for the year ended December 31, 2024, before considering the following item: a $200,000 gain, after tax, from the disposal of an operating segment. Required: Prepare the 2024 multiple step income statement for Barb's Bait Corporation beginning with operating income. (Enter your answer in dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000).) BARB'S BAIT CORPORATION Income Statement For the Year Ended December 31, 2024 Operating income Loss on sale of investments Income before tax Income tax expense Income from continuing operations Discontinued operation: Gain from disposal of operating segment, net of tax $ 950,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Barb's Bait Corporation has operating income of $0.95 million, a loss on sale of investments of $125,000, and income tax expense of
$237,500 for the year ended December 31, 2024, before considering the following item: a $200,000 gain, after tax, from the disposal
of an operating segment.
Required:
Prepare the 2024 multiple step income statement for Barb's Bait Corporation beginning with operating income. (Enter your answer in
dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000).)
BARB'S BAIT CORPORATION
Income Statement
For the Year Ended December 31, 2024
Operating income
Loss on sale of investments
Income before tax
Income tax expense
Income from continuing operations
Discontinued operation:
Gain from disposal of operating segment, net of tax
$
950,000
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