For its fiscal year ending October 31, 2022, Sarasota Corp. reports the following partial data shown below. Income before income taxes $507,600 Income tax expense (20% × $394,800) 78,960 Income from continuing operations 428,640 Loss on discontinued operations 112,800 Net income $315,840 The loss on discontinued operations was comprised of a $47,000 loss from operations and a $65,800 loss from disposal. The income tax rate is 20% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes.

For its fiscal year ending October 31, 2022, Sarasota Corp. reports the following partial data shown below. Income before income taxes $507,600 Income tax expense (20% × $394,800) 78,960 Income from continuing operations 428,640 Loss on discontinued operations 112,800 Net income $315,840 The loss on discontinued operations was comprised of a $47,000 loss from operations and a $65,800 loss from disposal. The income tax rate is 20% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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