Current Attempt in Progress For its fiscal year ending October 31, 2022, Swifty Corporation reports the following partial income statement data. Income before income taxes $581,000 Income tax expense (40% x $581,000) 232,400 Income from continuing operations 348,600 Gain from discontinued operations 92,000 Net income $440,600 The gain from discontinued operations consists of two parts: a $46,000 loss from operations and a $138,000 gain from the disposal of the operation. The income tax rate is 40% on all items. Prepare a correct income statement, beginning with income before income taxes. SWIFTY CORPORATION Income Statement (Partial) $ $
Current Attempt in Progress For its fiscal year ending October 31, 2022, Swifty Corporation reports the following partial income statement data. Income before income taxes $581,000 Income tax expense (40% x $581,000) 232,400 Income from continuing operations 348,600 Gain from discontinued operations 92,000 Net income $440,600 The gain from discontinued operations consists of two parts: a $46,000 loss from operations and a $138,000 gain from the disposal of the operation. The income tax rate is 40% on all items. Prepare a correct income statement, beginning with income before income taxes. SWIFTY CORPORATION Income Statement (Partial) $ $
Chapter11: Property Dispositions
Section: Chapter Questions
Problem 79IIP
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Transcribed Image Text:Current Attempt in Progress
For its fiscal year ending October 31, 2022, Swifty Corporation reports the following partial income statement data.
Income before income taxes
$581,000
Income tax expense (40% x $581,000)
232,400
Income from continuing operations
348,600
Gain from discontinued operations
92,000
Net income
$440,600
The gain from discontinued operations consists of two parts: a $46,000 loss from operations and a $138,000 gain from the disposal of
the operation. The income tax rate is 40% on all items.
Prepare a correct income statement, beginning with income before income taxes.
SWIFTY CORPORATION
Income Statement (Partial)
$
$
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